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AlyAyde 
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Joined: 02 September 2003
Location: Whangarei
Points: 3371
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 Posted: 20 April 2007 at 8:45am |
we did own our own home. It was lovely we got it built on a little bit of land..... Then my dh decided he didnt like living there so he moved me. On the condition that we lived at the beach  . So we sold our place (and made alot of money on the deal) and are now renting coming up 12 months. We are both really enjoying renting because it is less than our mortgage was. We are waiting for title to come through on the section we have purchased and then we are going to build. So it will be back to the mortgage and stress again.
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Jayde 25/12/04
Alyssa 08/04/03
http://Alyayde.bebo.com
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Bombshell
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Joined: 01 January 1900
Points: 6665
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Posted: 20 April 2007 at 8:56am |
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we also do the rapid repay mortgage...pay extra to reduce it over time...so repay n 10 years not 25.
Jennz - it is good to hear someone overseas is saving...not too many do now...have heaps of friends overseas but not comign back any better off than they would have been sitting here on lesser incomes. In fact me getting into property when i did means i have over $500,000 equity for my share if i cashed up, yet friends overseas are yet to enter property market etc and am sure they dont have that much saved...
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Glow
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Joined: 19 February 2007
Location: Waikato
Points: 2259
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Posted: 20 April 2007 at 8:58am |
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DP told me, you own home is a liability. But i think its a compulsory saving scheme. Im too chicken to take any risk at the moment and will sit for awhile. All that equity making me a big fat zilch. When we when lotto or i go back to work, we will look at rental investments. 1 huge mortgage is enough for now.
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Mummy of Two Boys
B: 2004
K: 2007
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Glow
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Joined: 19 February 2007
Location: Waikato
Points: 2259
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Posted: 20 April 2007 at 8:59am |
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Isnt it amazing how quickly it reduces the morgage aye BS?
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Mummy of Two Boys
B: 2004
K: 2007
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Bizzy
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Joined: 01 January 1900
Location: New Zealand
Points: 10974
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Posted: 20 April 2007 at 9:19am |
we brought a house together just after gabriel was born. and i think we must be one of the lucky ones cause our mortgage repayments are less than what some people pay for rent. mind you then there is the other stuff like insurance, rates, repairs and maintenance... sometimes i think renting is better. you arent responsible for those things, you can move when you want, if the neighbourhood changes you dont have to stay.
i think owning your own home is over rated. and look at all those poor people who buy into the myth that owning a home is better and they find they cant keep up with the payments and end up losing everything cause they had to borrow %100.
just my two cents worth.... 
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Anna
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Joined: 01 January 1900
Location: Auckland
Points: 694
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Posted: 20 April 2007 at 9:33am |
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This is something that we are looking at now... we rent. Andy wants to buy, I am still not convinced.
We live in Auckland, house prices are prohibitive. At the moment we pay ridicculous rent for a teeny place, but if we bought we'd still be paying ridiculous ammounts to even cover the interest. We have a big deposit but at the moment I think that is better earning interest rather than going on house. But that is mainly cause the thought of going 400K into debt is freaky!!
But then again, I'd love a dog and to paint some walls?!
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Anna
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SquishysMum
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Joined: 01 January 1900
Points: 1083
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Posted: 20 April 2007 at 10:30am |
We own a couple of properties - DH bought the one we live in almost 4 years ago in Ellerslie and we did some renovations to it (added a 4th bedroom/2nd bathroom/garage) and it has doubled in value since then, which is cool. We recently used the equity in our home to buy an investment property in the Manawatu, which is being done up at the moment (will be 3 houses when done). DH is under strict instructions to sell one of the houses when done to pay off this house back to a 50% mortgage (90% at mo  ) but that will only be in 6 months or so so looking forward to that! 
The reason we are doing this now is that we aren't having our family for a few years yet, and thought we should do it while we can afford it. That said, we have 2 flatmates in our house at the moment, and that's the only reason we CAN afford it! Gotta love flatties that pay your mortgage for you...
The thought of going into so much debt is scary, though, I can fully understand where people are coming from. Plus there's all the uncertainty at the moment "is the housing market going to fall" "are interest rates going to go up hugely" that sort of thing.
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11111
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Joined: 01 January 1900
Location: New Plymouth
Points: 2393
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Posted: 20 April 2007 at 10:45am |
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I have not read many post's, but we will prob never buy our own home unless we can get one of thoes rent to buy scheme's. We are renting at the momnet about to move house as this one has no fence. I find it hard renting cause you kinda wonder weather it is worht the effort to do garden's etc. When it is not your's. We would love ot own our own home and be able to make it really our's. Oh well maybe one day we will win lotto.
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busymum
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Joined: 01 January 1900
Location: New Zealand
Points: 12236
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Posted: 20 April 2007 at 12:35pm |
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You can get a big planter for veges/fruit, just plant things that have a small root system.
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BaAsKa
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Joined: 01 January 1900
Points: 3844
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Posted: 20 April 2007 at 1:58pm |
We dont own our own home yet but are planning to maybe early next year. We were going to build in Tauranga as DH could do it himself therefore save a bit of money but in the end we ended up moving back here (kawerau) and the houses here are soooooooooooooo much cheaper than Tauranga. The town can put people off sometimes and it really was the reason for moving out of her in the first place! but now after being back here for 8ish months im really loving it!! and im loving that we can afford to buy a really nice home here - 4bdrm, 2bthrm, pool, quarter acre section, beautiful gardens in a great area for only $190,000!!! although we would love a do'er up'er!! and they are only about $100,000 here so we will see how we feel when it comes to it. We currently live with my mum for a few reasons - 1 being that when we moved back we wanted to cut out alot of dept from living in Tauranga so mum was happy for us to live here rent free just paying for food etc, plus Dh is doing up mums house for her and if we bought he would be doing up ours not hers, and lastly mum has been a huge help with my son while iv been pregnant and will be an even bigger help when Astin is born, oh and we are all going to aussie for a holiday in september so its so much easier to save not paying rent and we wont have to worry about 2 houses (ours and mums) while on holiday 
The only problem we think we might have is our ages - DH is 21 (22 in dec) and im 23 (24 in sept) and they may be scared off by that. We had some guy from the kiwibank ringing us all the time wanting to discuss a morgage as we are eligible to get the young kiwi start no deposit home loan, he didnt have a prob with our age because DH earnt well but we will soon see when it comes to the crunch...
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jack_&_charli
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Joined: 01 January 1900
Location: christchurch
Points: 7155
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Posted: 20 April 2007 at 2:20pm |
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we have owned our home for about 3mths. we've lived in it since jack was born and just been renting it. we were also lucky in that we got it very cheap! it was bought and put in our family trust and we just purchased it for what was left on the mortgage and my share of the trust was used as a deposit.
basically if it wasn't for mum and dad willing to sell the house cheap to us, we would never have our own home. there's no way we'd be able to save enough for a deposit or be able to pay off a mortgage with no deposit.
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aimeejoy
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Joined: 01 January 1900
Location: Dannevirke
Points: 6415
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Posted: 20 April 2007 at 8:29pm |
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We have owned our house in Dannevirke for almost 2 years. It is 3 bedroom on 1/4 acre, and quite nice inside. We have been slowly redecorating the rooms and plan to do bathroom and kitchen and new garage at some stage. We were also lucky with timing - when we found out I was preggy we were renting in Hastings, decided we wanted to buy before bubs born but couldnt afford anything in Hawkes Bay, even Flaxmere! So decided to buy back here - $101,000!! Was revalued last year at $138K and we hadnt done anything to it - the prices here have just skyrocketed, you cant get anything for less that $140ish now.
We have a 95% mortgage over 30 years, some paying minimum now and having a comfortable lifestyle while I only work very part-time. Once we've done the things we want to around here, will probably start paying off some lump sums.
I also think owning can be over-rated and dont think that it is for everyone. If you really can't afford it, why go through all the stress of struggling to pay it off? And like everyone said the banks are terrible for offering so much. We got our mortgage before I was obviously pregnant, so they based what we could borrow on our joint wages and were really surprised when we only wanted about a third of it!
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Aimee
Hannah 22/10/05
Greer 11/02/08
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fattartsrock
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Joined: 01 January 1900
Points: 6441
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Posted: 20 April 2007 at 9:39pm |
Yeah, one thing I do think with this scheme where the gov. are proposing helping you into your first home is that it is loading loads of debt on people who probably can't afford it anyway, hand up or not. Realistically not everyone can or wants to own a place. For us, it is more about a bit of "savings" for our old age. We could get close to $400k if we sold up now, and if the market holds, by the time we have paid off, or almost paid off the mortgage, we will be looking for a house with more "space" and definately one more bathroom, so that money would be a great deposit on a bigger house, then in another ten years when that small mortgage is paid off. the kids will be (hopefully) out of home so we can downsize again and invest the extra for later. Thats the "plan" anyhow. We may buy a small rental instead and rent it out to mum as an investment instead. Or sell the lot and go bush? who knows?
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The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P
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emz
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Joined: 25 November 2006
Location: Christchurch
Points: 5321
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Posted: 21 April 2007 at 12:44pm |
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We just bought our own home in January (the day before we got married!) - well, DH did because I'm a student and we wouldn't have been able to get the mortgage after we were married because of joint income status. We have boarders to pay the mortgage and will just have one language student when we have children. Our mortgage is $940 a fortnight, so we do it pretty hard. And we don't live in a flash house, its a 53 year old bungalow, but it does have a big yard, double garage, 3 bedrooms etc. Def worth holding on to because these properties are becoming hard to find.
The only way we were able to buy was because DH went to East Timor for 6 1/2 months, so we could save the deposit, and have enough money for the wedding and honeymoon. Otherwise, we would still be renting. But we rented out at the Military Camp which was so cheap!
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Home ownership
