Tonoa kia tārewa te utunga reiti mō te papanoho Apply to postpone property rates payments

If you have enough equity in your property, you may be able to postpone all or part of your rates payments for an agreed period.

Criteria for postponing rates payments

You must meet the following criteria to be considered for rates postponement:

• You must be the current owner of the rating unit and have owned the property for at least two years.
• You must use the rating unit solely as your residence.
• The postponed rates will not exceed 80 per cent of the available equity in the property. The available equity is the difference between our valuation of the property at the most recent revaluation and the value of any debt against the property if you have insured the property for its full value.
• You or your authorised agent must apply.

Conditions of postponing rates payments

• We recommend you ask a financial advisor for advice on the impact of postponing your rates and if it is a good option for you.
• We will postpone payment of the residual rates What is left after any optional payment. if you meet the criteria.
• We may add a postponement fee each year to the postponed rates. The fee will cover the period from when the rates were originally due to when they are paid. The fee will not exceed our administrative and financial costs of the postponement.
• We will apply the postponement from the beginning of the rating year when you apply for postponement, although we may backdate the postponement application, depending on the circumstances.
• Once the postponed rates are equal to, or greater than, 80 per cent of the available equity in the property, no further rates will be postponed. Postponed rates no longer apply and must be repaid immediately (including any fees):
  • when you die
  • or when you no longer own the rating unit
  • or when you stop living at the property
  • or on a date we set in a particular case.
• You can pay all or part of the postponed rates at any time.
• You can choose to postpone a lesser amount of rates than the full amount that you would be entitled to postpone under the policy.
• Postponed rates will be registered as a statutory land charge on the rating unit's title.
• To postpone your rates, you need to provide evidence every year of:
  • your property insurance
  • the debt against the property, including mortgages and loan.

How to apply

Download and complete the 'Application form for postponement of rates payments for residential properties'.