OHbaby! Forums : First time home buyer https://www.ohbaby.co.nz/forum/ Copyright (c) 2006-2013 Web Wiz Forums - All Rights Reserved. Tue, 05 May 2026 04:58:15 +0000 Fri, 16 Apr 2010 14:36:59 +0000 http://blogs.law.harvard.edu/tech/rss Web Wiz Forums 12.05 360 https://www.ohbaby.co.nz/forum/RSS_post_feed.asp?TID=32858 <![CDATA[OHbaby! Forums]]> https://www.ohbaby.co.nz/forum/forum_images/web_wiz_forums.png https://www.ohbaby.co.nz/forum/ <![CDATA[First time home buyer : Exactly, no point stressing over...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998289&title=first-time-home-buyer#998289 Author: clover
Subject: 32858
Posted: 16 April 2010 at 2:36pm

Exactly, no point stressing over it now aye.]]> Fri, 16 Apr 2010 14:36:59 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998289&title=first-time-home-buyer#998289 <![CDATA[First time home buyer : Yeah they have been really good...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998282&title=first-time-home-buyer#998282 Author: kebakat
Subject: 32858
Posted: 16 April 2010 at 2:29pm

Yeah they have been really good so far in talking to them, much more helpful than BNZ and its wicked that we aren't going to have any fees in setting it up, they do the legal side so the only cost is going to be breaking from BNZ but will be worth it with the differing interest rates. Should have gone with them in the first place. But hey live and learn.]]> Fri, 16 Apr 2010 14:29:45 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998282&title=first-time-home-buyer#998282 <![CDATA[First time home buyer : Ours is with kiwibank, I couldn&#039;t...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998235&title=first-time-home-buyer#998235 Author: clover
Subject: 32858
Posted: 16 April 2010 at 1:46pm

Ours is with kiwibank, I couldn't fault them.]]> Fri, 16 Apr 2010 13:46:50 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998235&title=first-time-home-buyer#998235 <![CDATA[First time home buyer : Hmmm bugger that! lol I just...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998196&title=first-time-home-buyer#998196 Author: kebakat
Subject: 32858
Posted: 16 April 2010 at 1:13pm

Hmmm bugger that! lol

I just cant wait to get away from bnz, I have a kiwibank mortgage manager coming over next week to discuss it all]]> Fri, 16 Apr 2010 13:13:55 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998196&title=first-time-home-buyer#998196 <![CDATA[First time home buyer : This definitely takes ALOT of...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998179&title=first-time-home-buyer#998179 Author: EmDee
Subject: 32858
Posted: 16 April 2010 at 12:49pm

This definitely takes ALOT of discipline. DH had a small part of our first mortgage on revolving credit and we weren't disciplined enough so ended up pretty much in the same situation as we started.

If you can remain disclipined, then it could be a good option.]]> Fri, 16 Apr 2010 12:49:36 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998179&title=first-time-home-buyer#998179 <![CDATA[First time home buyer : Your mortgage is essentially revolving...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998133&title=first-time-home-buyer#998133 Author: clover
Subject: 32858
Posted: 16 April 2010 at 12:01pm

Your mortgage is essentially revolving credit, all your income gets paid into your mortgage and then you pay everything on your credit card and use your mortgage to pay your credit card. This saves you interest on your mortgage and so long as you don't spend more than you should be repaying you can pay it off much faster.

They require a lot of discipline though!]]> Fri, 16 Apr 2010 12:01:39 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998133&title=first-time-home-buyer#998133 <![CDATA[First time home buyer : How does that work. All our bills,...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998092&title=first-time-home-buyer#998092 Author: kebakat
Subject: 32858
Posted: 16 April 2010 at 11:26am

How does that work. All our bills, food, everything gets paid on the credit card so we can get airpoints but we dont end up better off for it like that]]> Fri, 16 Apr 2010 11:26:03 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998092&title=first-time-home-buyer#998092 <![CDATA[First time home buyer : minik8e wrote:mumzrule - are...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998090&title=first-time-home-buyer#998090 Author: mumzrule
Subject: 32858
Posted: 16 April 2010 at 11:24am

Originally posted by minik8e minik8e wrote:

mumzrule - are you going to be doing the revolving credit kind of thing? Live off the credit card, while all your wages go onto the mortgage, then pay the credit card once a month, therefore reducing the amount of interest you pay, while earning bonus bits from the credit card??


Yep, we only just found out about it. Do you know much about it?? Wether it is as good as it sounds??]]> Fri, 16 Apr 2010 11:24:16 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998090&title=first-time-home-buyer#998090 <![CDATA[First time home buyer : thanks for all the advice... off...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998081&title=first-time-home-buyer#998081 Author: bun_in_the_oven
Subject: 32858
Posted: 16 April 2010 at 11:15am

thanks for all the advice...

off to see kiwibank today.]]> Fri, 16 Apr 2010 11:15:15 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=998081&title=first-time-home-buyer#998081 <![CDATA[First time home buyer : Do your research about who you...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997233&title=first-time-home-buyer#997233 Author: kebakat
Subject: 32858
Posted: 15 April 2010 at 3:18pm

Do your research about who you go with for a mortgage. Dh had his mortgage through BNZ for his property he had prior to us getting together so automatically we just went with them for the house we brought together. I didn't know much about it so just said ok.

In hindsight it was stupid. BNZ never have the lowest interest rates and we should have shopped around. We are now looking at switching to kiwibank when our mortgage comes up for renewel at the end of next month. Its amazing how much better off we will be once we switch.]]> Thu, 15 Apr 2010 15:18:50 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997233&title=first-time-home-buyer#997233 <![CDATA[First time home buyer : mumzrule - are you going to be...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997223&title=first-time-home-buyer#997223 Author: minik8e
Subject: 32858
Posted: 15 April 2010 at 3:13pm

mumzrule - are you going to be doing the revolving credit kind of thing? Live off the credit card, while all your wages go onto the mortgage, then pay the credit card once a month, therefore reducing the amount of interest you pay, while earning bonus bits from the credit card??]]> Thu, 15 Apr 2010 15:13:01 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997223&title=first-time-home-buyer#997223 <![CDATA[First time home buyer : We&#039;ve managed to pay over...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997197&title=first-time-home-buyer#997197 Author: caliandjack
Subject: 32858
Posted: 15 April 2010 at 3:01pm

We've managed to pay over 30K off our mortgage in 4 years - there is no way we could have saved that amount of money in that time. Our mortgage is now less than 180K on a house worth at least 350K, its nice to know we own it as much as the bank does.

]]> Thu, 15 Apr 2010 15:01:58 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997197&title=first-time-home-buyer#997197 <![CDATA[First time home buyer : We had a financial advisor come...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997182&title=first-time-home-buyer#997182 Author: mumzrule
Subject: 32858
Posted: 15 April 2010 at 2:51pm

We had a financial advisor come and talk to DH and I about our mortgage. He is going to restruture the way we pay our loan and live daytoday. We will be going from 22years to pay off down to 9years? If anyones interested in how this works I will try to explain it ]]> Thu, 15 Apr 2010 14:51:40 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997182&title=first-time-home-buyer#997182 <![CDATA[First time home buyer : Heres depressing, we rented a...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997111&title=first-time-home-buyer#997111 Author: TheKelly
Subject: 32858
Posted: 15 April 2010 at 1:37pm

Heres depressing, we rented a place for only 7 months, when we got our statement after we moved out , we had paid in total $25,000.
$25,000 for a house that wasn't ours . ]]> Thu, 15 Apr 2010 13:37:55 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997111&title=first-time-home-buyer#997111 <![CDATA[First time home buyer : It is depressing - we just got...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997037&title=first-time-home-buyer#997037 Author: HuntersMama
Subject: 32858
Posted: 15 April 2010 at 12:23pm

It is depressing - we just got our end of year figures and I couldn't believe it! Almost made me want to sell up and go back to renting for a while.

We dont have payment insurance, but do have life insurance policies that would pay off the mortgage.]]> Thu, 15 Apr 2010 12:23:23 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=997037&title=first-time-home-buyer#997037 <![CDATA[First time home buyer : Firstly do a budget! Can you afford...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996940&title=first-time-home-buyer#996940 Author: kiwigal
Subject: 32858
Posted: 15 April 2010 at 11:00am

Firstly do a budget! Can you afford the weekly payments, mortgage protection insurance, house insurance, contents insurance, interest when it goes up and mostly likely will and rates.

I agree with the others the bigger deposit you have the better off you will be in the long run.

]]> Thu, 15 Apr 2010 11:00:00 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996940&title=first-time-home-buyer#996940 <![CDATA[First time home buyer : We don&#039;t have mortgage protection...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996928&title=first-time-home-buyer#996928 Author: clover
Subject: 32858
Posted: 15 April 2010 at 10:55am

We don't have mortgage protection insurance either, even though I work in the insurance/investment industry I deemed it not worthwhile when considering other insurance we have and savings.]]> Thu, 15 Apr 2010 10:55:01 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996928&title=first-time-home-buyer#996928 <![CDATA[First time home buyer : We don&#039;t have mortgage protection...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996920&title=first-time-home-buyer#996920 Author: caliandjack
Subject: 32858
Posted: 15 April 2010 at 10:39am

We don't have mortgage protection insurance, as DH is the main earner and the military isn't covered.

We are able to pay our rates fortnightly by direct debit, it comes out the same day as our mortgage - much easier only having to find $100 a ft night, instead of $700 each quarter. House insurance isn't that expensive, and you won't be able to take out a mortgage without it.

]]> Thu, 15 Apr 2010 10:39:07 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996920&title=first-time-home-buyer#996920 <![CDATA[First time home buyer : Wow, some of these make for depressing...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996884&title=first-time-home-buyer#996884 Author: minik8e
Subject: 32858
Posted: 15 April 2010 at 10:03am

Wow, some of these make for depressing reading!! With principal repayments, a lot depends on how you structure your loan....we make fortnightly payments which mean we make an extra 2 payments a year, because the amount we pay fortnightly is half the monthly payment, so we end up paying an extra "month" of payments off the principal each year. We pay approx $20,500 in mortgage payments a year, which pays off between $3k and $4k off the principal (we have paid off around $7k in 2 years). Of course, it also depends on the starting amount of the mortgage!! We had no deposit at all and used a Welcome Home Loan. ]]> Thu, 15 Apr 2010 10:03:18 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996884&title=first-time-home-buyer#996884 <![CDATA[First time home buyer : HuntersMama is right... difinitely...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996861&title=first-time-home-buyer#996861 Author: Kellyfer
Subject: 32858
Posted: 15 April 2010 at 9:38am

HuntersMama is right... difinitely go for a bigger deposit if possible. We have quite a small loan and in just over a year and $12,000 worth of payments, we have paid off just over $3000 principal. Even things like a small increase in your payments or paying weekly instead of montly can make a significant difference to how much interest you pay overall.
Don't forget to factor in rates, insurance and set money aside for maintenance every week as well. There is no landlord to ring if the roof starts leaking or if the hot water cylinder explodes. So like minik8e says, make sure you budget all that in when you are looking at how much you can afford all up. Remember the bank wants you to owe more, so they get more in interest. They don't really care if you can't afford the payments, because they can always just sell the house anyway. That sounds very doom and gloom... sorry!!!
Also just a side note, if you are going thru a bank and not a mortgage broker, be wary of buying mortgage protection insurance. It's a good thing to have but we found the ones thru our bank were ridiculously expensive, and it was cheaper to do a combined policy thru our main insurance company (and the policy made a lot more sense as well). ]]> Thu, 15 Apr 2010 09:38:40 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996861&title=first-time-home-buyer#996861 <![CDATA[First time home buyer : We went through a mortgage broker...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996860&title=first-time-home-buyer#996860 Author: caliandjack
Subject: 32858
Posted: 15 April 2010 at 9:38am

We went through a mortgage broker for finance, it was good to get unbiased advise on what was the best option for us. They were also able to recommend solicitors and a builder to do the inspection.

]]> Thu, 15 Apr 2010 09:38:28 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996860&title=first-time-home-buyer#996860 <![CDATA[First time home buyer : I would also hold off as long...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996849&title=first-time-home-buyer#996849 Author: HuntersMama
Subject: 32858
Posted: 15 April 2010 at 9:26am

I would also hold off as long as you can to get the biggest deposit possible. Over the last 3 years we have paid around $100,000 into our mortgage and only around $15,000 has come off the principal - the rest is interest!!! I now wish we had kept renting for a few more years and put the money we would have used for mortgage payments towards a bigger deposit.]]> Thu, 15 Apr 2010 09:26:23 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996849&title=first-time-home-buyer#996849 <![CDATA[First time home buyer : sorted.org is great for figuring...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996780&title=first-time-home-buyer#996780 Author: clover
Subject: 32858
Posted: 15 April 2010 at 8:31am

sorted.org is great for figuring out the financial side & all of the banks (kiwibank and national are both good) have home buyer information.

It's not as confusing as you think once you get your head around it. Kate is right though, the main thing is knowing what you can afford and sticking to it. When you do your budget don't forget to include every little thing and factor in repairs & maintenance.]]> Thu, 15 Apr 2010 08:31:26 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996780&title=first-time-home-buyer#996780 <![CDATA[First time home buyer : Biggest advice I can give is -...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996738&title=first-time-home-buyer#996738 Author: minik8e
Subject: 32858
Posted: 15 April 2010 at 7:27am

Biggest advice I can give is - make sure you know your budget, and don't go over it. Banks are usually willing to lend you more than you think, and it can tempt you!! We could have borrowed $300k when we bought our house 2 years ago, but I had done a realistic budget and knew that would be too much in weekly payments, when you took into consideration rates, insurance and life! We ended up with just over $200k.

There are a few of us on here who are experienced in the property industry (either in law, or in real estate) so if you have any questions at all, just ask! Someone will be bound to help!

Are you looking at getting a Welcome Home Loan?]]> Thu, 15 Apr 2010 07:27:39 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996738&title=first-time-home-buyer#996738 <![CDATA[First time home buyer : Hey. I see you are in Wellington...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996714&title=first-time-home-buyer#996714 Author: Zaylah
Subject: 32858
Posted: 15 April 2010 at 5:54am

Hey. I see you are in Wellington too. We went to this free workshop.

They have workshops in 4 areas of Wellington, and you don't let the name of them confuse you, it is for people from all ethnic groups. The information they give you start right at the basics, however they know enough that if you have any further questions they can help you. They also follow up with you afterwards.

We ended up buying our home about a month after going to the workshop, we had no hassles and were a lot more confident in the whole process than what we were before. Definitely recommend as you have nothing to lose!]]> Thu, 15 Apr 2010 05:54:30 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996714&title=first-time-home-buyer#996714 <![CDATA[First time home buyer : So... I am totally CLUELESS with...]]> https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996709&title=first-time-home-buyer#996709 Author: bun_in_the_oven
Subject: 32858
Posted: 15 April 2010 at 3:08am

So...
I am totally CLUELESS with all the jargon involved when buying a home...

we have been given an opportunity to buy the property we are currently living in..

Is there any good WWW or info you can recommend i read as a good starting point ??

I have looked into the first time home owner grant and thats about it so far..

Any advice or tips appreciated. Many thanks ]]> Thu, 15 Apr 2010 03:08:48 +0000 https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=32858&PID=996709&title=first-time-home-buyer#996709