Mortgage payments - how much?

I'm having some anxiety issues at the moment and one of them is about our living arrangements that could be sold out from us at any time (old landlord died a few months back - family unsure when they want to sell). Anyway, my BF has decided he'll "fix" the problem by buying the house but he is so naive to these things he really has no idea how much this will cost as repayments, how much we'll actually need as a deposit and how much all the legal stuff will be. I thought one place to start would be to try to live for a little while as if we're paying off a mortgage (putting that money aside).

So if you don't mind telling me, how much do you think mortgage repayments would be for a $350,000 loan? Yeah I know there's different rates etc but just a ballpark figure. Cheers.

It would be quite a bit. I think $500+ a week.

But yes i guess it depends. All the bank website have calculators/

try sorted.org.nz

Thanks - I should have thought of checking out the bank sites. Eeek, it's bloody scary, particularly if interest rates went up, which lets face it they will.    How can anyone afford a house and actually have a life as well?!!

buy a cheaper house! dont know if you can in Auckland..............

don't know how you could afford it in Auckland.

I would reccomend getting some professional financial advice about your situation. Banks are not doing 0% deposit for first time buyers - some are still looking for up to 20%. I'd say go and see a mortgage broker - you don't have to go with them (and you may get a better deal from a bank to be fair) but you can at least start getting some idea of where you sit. (what a banks online calculator says you could borrow and what you end up being able to borrow could be quite different)

You also need to take into account other costs which come with a mortgage. We pay about $2300 per month for mortgage, rates & insurance (mortgage based on 310k) and then there are the other things like repairs and bits and pieces that pop up we have to budget in for too. For example, in the past 3 months we have had to get an electrician twice to check some things we couldn't do ourselves. Also in Auckland you have to pay for water waste or use don't you? So that's another factor to consider. Arrgghhhh, it's never ending!! (but feels oh so rewarding to have your OWN home!)

Edited by maysie

Kiwisaver is a great idea to buy your home, think you have to be in it 3 or 5yrs you can chooses I think. It does not mean it has to be your very first house but you can not have other properties & in AK I think it is only up to $300-$350 not sure which... you will not get much in AK.

The other things to take into account along side mortgage payments is rates, insurances for house & life. You will need money to fix things that you did not have to worry about before like plumbing etc.

I would not buy a house cause I rented it & it may be sold unless it was the perfect house. Look around see what else you can get for you money. Get a LIM report for any house you are considering buying.

Do your budget on what you currently pay out for things & see how much you have left over now. Don't buy if you have no spare money & if you have any debt pay it off first if you can.

Yup, mortgages are a pain in the butt! Ours is about $500 a week (just under 300K mortgage now), and we are looking for somewhere much bigger, which will mean $800ish a week!!!
We are in AKL, and we actually don't have a life . But having a kid kinda restricts the life anyway. We love hanging out at home in the garden over summer.

If you do go house hunting, a lot of agents these days supply the LIM report, so thats one cost you don't have to worry about when house hunting.

And you will more than likely need a pretty good deposit for a first home buyer. Although like Linzy said, looking into that govt subsidy would be a good idea.

There is one advantage to being a first home buyer, and that is that you can get a pre-approved loan from the bank, and you dont have to rely on selling your house before you can buy.

OMG I can't believe how much some of you are paying for a mortgage. Ours is $300pw. Plus we save and extra $60pw to cover rates and stuff. 
Saff maybe you should come live in hamz with GG and me.

When we were loking recently at different banks rates for a loan only westpac would give us the money at a price we could afford, which is odd cause some people think there the worst.