Investment lending needs more than a headline rate.投资房贷款不能只看表面利率。

Interest-only or principal and interest

只还利息还是本息同还

An investment property loan can be structured as interest-only (IO) or principal and interest (P&I). The choice affects monthly cash flow, the loan balance and the way you build equity.

投资房贷款可以采用只还利息（IO）或本息同还（P&I）结构。选择会影响每月现金流、贷款余额和净值积累方式。

With IO repayments, you pay the interest for the agreed period and the principal does not reduce. For example, a $400,000 loan at 6.5% would cost about $2,167 a month in interest. The same loan on a 30-year P&I schedule would be about $2,528 a month, with part of each payment reducing the balance.

IO 期间只支付约定利息，本金不会减少。例如，40 万纽币贷款按 6.5% 计算，每月利息约为 2,167 纽币。同一笔贷款如果按 30 年 P&I 还款，每月约为 2,528 纽币，其中一部分会用于减少本金。

IO can improve cash flow, which may help when rent does not cover all holding costs. It does not reduce the debt, however, and interest deductibility depends on the current tax rules and your circumstances. Check the tax position with an accountant.

IO 可以改善现金流，在租金不足以覆盖全部持有成本时会比较有用。但它不会减少债务，利息能否抵扣也取决于当前税务规则和您的具体情况，建议向会计师确认。

Many lenders offer IO terms of one to five years. When the period ends, the loan may move to P&I unless the lender agrees to an extension. An extension is not automatic because the lender can reassess affordability. Some lenders also price IO slightly higher or restrict it at higher LVRs.

许多贷款机构会为投资房提供一到五年的 IO 期限。期限结束后，贷款可能转为 P&I，除非贷款机构同意延期。延期并不是自动获批，因为贷款机构可以重新评估还款能力。有些机构也会对 IO 收取略高利率，或限制高 LVR 贷款使用 IO。

P&I repayments reduce the debt over time and usually result in less interest over a long holding period. The right structure depends on your cash flow, portfolio plans and how quickly you want to build equity. A mixed approach can keep one loan on P&I while another uses IO, if the lender allows it.

P&I 会逐步减少债务，长期持有时通常能降低总利息。合适的结构要结合现金流、投资组合计划和净值积累目标判断。如果贷款机构允许，也可以让一笔贷款采用 P&I，另一笔采用 IO。

How lenders assess rental income

贷款机构如何评估租金收入

Lenders do not always count the full rent shown on a tenancy agreement. They apply their own assessment formula to allow for vacancy, management, rates, insurance, maintenance and other holding costs.

贷款机构不会总是把租约上的全部租金计入借贷能力，而是使用自己的评估公式，预留空置、管理费、地税、保险、维护等持有成本。

Many lenders count around 70% to 75% of gross rent. A property renting for $600 a week may therefore contribute about $420 to $450 a week to the servicing calculation. Other lenders deduct property costs first and then apply a different percentage, so the result can vary.

许多贷款机构会按总租金的约 70% 到 75% 计入评估。每周租金为 600 纽币的房产，可能只有约 420 到 450 纽币会计入还款能力计算。也有机构会先扣除房产成本，再使用另一种比例，因此结果会不同。

Short-stay income from platforms such as Airbnb or Bookabach is usually assessed more cautiously. Lenders may ask for at least 12 months of statements and use a lower percentage because bookings can change. Some specialist lenders have different policies for properties in strong tourist locations.

Airbnb 或 Bookabach 等短租收入通常会被更谨慎地评估。贷款机构可能要求至少 12 个月的流水，并采用更低的计入比例，因为短租预订会波动。位于旅游需求较强地区的房产，部分专业机构可能有不同政策。

For an existing tenancy, provide the agreement and evidence of rent payments. For a property you have not bought yet, the lender may ask for a rental appraisal from a registered valuer or licensed property manager. A projected rent figure may need comparable market evidence.

已有租约的房产通常需要提供租约和收租证明。尚未购买的房产，贷款机构可能要求注册估值师或持牌物业经理提供租金评估。预期租金也可能需要可比市场资料支持。

The lender tests rental income alongside your personal income, expenses and other debts. A rental shortfall can reduce the amount you can borrow for your home or another investment. Lender formulas and DTI settings differ, so an estimate from one bank may not apply elsewhere.

贷款机构会把租金与个人收入、支出和其他债务放在一起评估。租金缺口可能降低您购买自住房或下一套投资房的借贷能力。不同机构的计算方式和 DTI 要求不同，一家银行的估算不能直接套用到另一家。

Bright-line test and tax considerations

明线测试与税务考量

The bright-line test is one of the rules that can make a gain on a residential property sale taxable. For residential property sold on or after 1 July 2024, the bright-line period is generally two years. Different timeframes can apply to earlier sales, and exclusions or rollover relief may apply.

明线测试是判断住宅房产出售收益是否可能需要纳税的规则之一。对于 2024 年 7 月 1 日或之后出售的住宅房产，明线期通常为两年。更早出售的房产可能适用不同期限，也可能涉及豁免或 rollover relief。

If the test applies, the gain is generally included in taxable income for the year of sale. The start and end dates depend on the transaction, so check the current Inland Revenue guidance rather than relying on a simple settlement-date calculation.

如果明线测试适用，收益通常需要计入出售当年的应税收入。起算和截止日期会因交易方式而不同，不能只按交割日期简单判断，建议查看 Inland Revenue 的最新说明。

The main-home exclusion may apply when the property was your main home, but it has conditions and does not protect a purchase made with a purpose of resale in every situation. Get tax advice before relying on an exclusion.

如果房产在持有期间主要作为您的自住房，自住房排除可能适用，但它有具体条件，而且并非所有以转售为目的的购房都能使用。依赖某项豁免前，先向税务顾问确认。

Interest deductions for residential investment property have changed. Inland Revenue states that interest deductions were fully restored from 1 April 2025, subject to the ordinary deductibility rules and any exclusions. Your accountant can confirm how the rules apply to your ownership structure and loan.

住宅投资房的利息抵扣规则曾经调整。Inland Revenue 说明，自 2025 年 4 月 1 日起，利息抵扣已全面恢复，但仍要满足一般抵扣规则，并留意相关例外。您的会计师可以结合持有结构和贷款用途确认适用情况。

Other issues can include depreciation of eligible chattels, GST for short-stay or commercial activity, and the treatment of rental profits or losses. Keep the investment loan and private borrowing clearly separated where possible, and have the structure reviewed before signing.

其他税务问题还可能包括符合条件的动产折旧、短租或商业活动涉及的 GST，以及租金利润或亏损的处理。条件允许时，把投资房贷款和私人借款分开记录，并在签约前复核贷款结构。

It depends on current lender rules, property type, and your full position. A review can clarify what is realistic.

这取决于当前贷款政策、房产类型和您的整体情况。评估后才能看清现实选择。

Lenders may use only part of rental income and apply buffers. Treatment varies by lender.

贷款机构通常只计算部分租金并加入压力测试，不同机构处理方式不同。

It may be possible in some cases, but suitability, term, cost, and lender criteria need review.

部分情况下可能可以，但需要评估适合度、期限、成本和贷款机构标准。

Existing equity may help, but using it increases exposure and should be reviewed carefully.

现有净值可能有帮助，但使用净值会增加风险，需要谨慎评估。

That depends on servicing, equity, cash flow, and your timeline. Sometimes restructuring first creates a cleaner path.

这取决于还款能力、净值、现金流和时间安排。有时先重组会让路径更清晰。