Dont know what to do :(
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Topic: Dont know what to do :(
Posted By: Bubie
Subject: Dont know what to do :(
Date Posted: 25 January 2010 at 9:24am
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Hi Ladies
Needing some advice please, sorry that this post may be long 
My partners 19 and im nearly 19 aswell, we are renting a house atm for $180 a week, cheapest where we live and also a good home. My partners on a very little wage atm $12.50 per hour. He works for the local council here and is in the process of getting his work to re do his contract with him as they stuffed it up  Big Time !! We are having a baby due on 16th April aswell. We are really wanting to be able to buy a house and upgrade our car to a nicer one. But the problem i have is that since we are so young anything could happen to his job atm and we wouldnt be able to pay the loan and everything we need for a new house But on the other hand i know we cant work on what if's. We want to start seting up a nice home for our baby and own it and have the joys of doing that together but at the same time dont want to put ourselves in a bad situation.
Since we are still young we are still learning about things and not too sure how to go about this, it is very complicated to get my head around lol. Anyone got any suggestions on how we can achieve this the right way without getting into money problems at our young age  ?? ------------- http://lilypie.com"> 
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Replies:
Posted By: lilfatty
Date Posted: 25 January 2010 at 9:29am
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Do you have a deposit for a house? Because if you dont then its pretty much a null and void question
Its pretty hard to get a mortgage at the moment (and probably even harder on one low income), so you may just want to start putting money aside for when you are in a position to actually get a house. ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year  http://www.femininefitness.co.nz/category/blog - LFs weight blog
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Posted By: Bizzy
Date Posted: 25 January 2010 at 9:31am
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my advice would be to save up as much as you can for a good deposit. dont get sucked into a no or low deposit deal that leaves you with a large mortgage.
Owning isnt all its cracked up to be though. You have the added expenses of house insurance, water and land rates and maintenance. ------------- http://www.myfitnesspal.com/weight-loss-ticker"> 
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Posted By: Bubie
Date Posted: 25 January 2010 at 9:32am
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No we dont have a deposit atm I do think saving for one would be a good option tho ------------- http://lilypie.com">
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Posted By: lilfatty
Date Posted: 25 January 2010 at 9:33am
Wouldnt it be your only option? Most no deposit deals require you to earn quite alot as you need to service two mortgages, so I dont even think that would be an option for you. ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year http://www.femininefitness.co.nz/category/blog - LFs weight blog
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Bubie wrote:Posted By: Peanut
Date Posted: 25 January 2010 at 9:35am
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Yoiu can't buy a house without a decent size deposit these days so saving would be a good option. TBH on the wage that your DP is on it will probably take a good 2-3 years to save a deposit so the option of buying a house is out of the question until that is done. -------------  
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Posted By: minik8e
Date Posted: 25 January 2010 at 9:46am
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There is always the option of a Welcome Home Loan, which is 100% finance, but the lending criteria has toughened up quite a lot. It is focused on first home buyers. In saying that, I wouldn't recommend buying a house until you're sure of a stable income...just because the costs can add up, and you also need funds up front to pay for things like lawyers fees, valuations, LIM reports, builders reports....and they can add up to a good $2-3k, which is money you can't borrow. Also remember, on top of the mortgage, you have rates and insurance, plus any maintenance costs.
I just had a quick look on TradeMe at the properties for sale and rent in Gore, and there's some pretty cheap properties out there though... Still, your best option is saving for a deposit, unless you can get a Welcome Home Loan. And no, the interest rates aren't any higher than a normal home loan, you just have to pay a low equity fee which was 1% of the purchase price when we bought our house 2 years ago. If you are really serious, get hold of a mortgage broker, and they can go through the sums with you and you can see if it actually is a possibility for you. And remember....you don't have to start with the best house, you have to start with the one that you can afford. ETA: You could also have a chat to SBS down there...they do Welcome Home Loans and they are a great lender as well, really supportive and friendly. |
Posted By: emz
Date Posted: 25 January 2010 at 9:49am
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Ditto to what others have said. Atm they require about large deposit. My sister and her DH are saving atm will renting, they are on 2 good incomes (95k per year all up) and it has taken them 1 1/2 years to save the 30-40k needed (and that's through welcome home loans, banks require a lot more).
We are on 1 1/2 incomes and only just got a mortgage through a bit of fiddling. Personally I wouldn't jump into anything until baby has been here for a while and you're back at work because you would need more income. Good luck though - I love owning a house but yes you do have a lot of added expenses.
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Posted By: Daizy
Date Posted: 25 January 2010 at 9:51am
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I would definitely start saving now! But don't stress about it too much, it is possible to one day be owning your own home.
We were in pretty much the same situation as you guys a few years back. We were both 19 with a baby on her way, on minimum wage in a job where we were unsure how stable it was. We were living in a tiny wee place, 1 bedroom, and out the back of my parents there. Although it was small we survived (actually I often miss my teensy house) but it was great as the rent wasn't excessively high which meant we had a good 5 years worth of savings (and a little help from my parents) DH even changed jobs in the middle to an even lower pay but we survived. Just last year we managed to buy our first house with a pretty decent deposit. I am so glad we waited for the right time as we aren't having to struggle financially. Don't worry about the house you are in now, its just a house and the 3 of you living there make it a home. The new baby really doesn't care where it lives as long as it has a roof over its head, and is loved. I am sure eventually you will be able to upgrade your car too but it will feel so much better when you have the money to do so. ------------- 
 
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Posted By: Peanut
Date Posted: 25 January 2010 at 9:51am
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Even with a Welcome Home loan I am thinking they would only qualify for a loan of under $50,000 as they are on a low income - could be very wrong though -------------
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Posted By: peanut butter
Date Posted: 25 January 2010 at 10:07am
| Banks have REALLY tightened up. We recently tried to change our bank and were told we would could only borrow 70% of the house value. |
Posted By: jazzy
Date Posted: 25 January 2010 at 10:21am
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Firstly I would make sure you have no big debts if you do pay them off first.
The other option while you are saving is kiwisaver after doing it for a few years you can use the money for getting in to your first home. As you say you are young & rushing into a house may not be your best option just yet, it would be easier if you have money for emergency's, like house maintenance etc, as you will have to pay for all repairs & jobs, not like renting. I understand you want to get everything now, house, car but with having a baby soon you will find a lot of $$$ goes on that, so i would say make a good budget, save & talk to family they may be able to help. good luck 
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Posted By: MrsH
Date Posted: 25 January 2010 at 10:47am
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Yep, you have to be completely realistic. A house may be just a bit out of reach right now. Concentrate on paying off debt then start saving towards a deposit.
The MOST important thing right now is that your baby has the necessities. ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: flakesitchyfeet
Date Posted: 25 January 2010 at 11:00am
| Agree with all of the others. When it does come to looking at options for that first home though, be careful with kiwisaver. I signed into it entirely for that, but we purchased a brand new relocatable and stuck it on a section because it was cheaper than other options for us at the time, and I therefore didn't qualify for kiwisaver. |
Posted By: emz
Date Posted: 25 January 2010 at 11:35am
| Yeah Kiwisaver's a crock. If you're in it, I strongly suggest taking a contributions holiday and just keeping the money aside. Chances are it'll all be blown by the time we're retirement age anyway. |
Posted By: GuestGuest
Date Posted: 25 January 2010 at 11:35am
| I think the important thing at the moment is for you to provide for your baby and then anything extra put aside for a deposit on a mortgage. You guys are young and in time will be in higher paying jobs so will be able to save more than you are currently able to now. We didn't buy our own home until we were 25 and by then had saved up a 20% deposit. It's not something that will happen over night but it will happen eventually! |
Posted By: WRXnKids
Date Posted: 25 January 2010 at 11:44am
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I havent read all the replies but if your partner has been working for over 6 mths in his job then you will qualify for welcome home loan which can be no deposit so long as you are wanting to borrow within your means. As you are already paying rent of $180 a week you should be ok as it shows you would be able to make payments. Owning your own home down here is cheaper than renting!! We just brought our place and our mortgage is less than your rent even after the rates and insurances come out. Do a budget now so you have an idea as to what you can afford. I made up budgets based on houses i liked that were for sale as most show what the rates are (its also on the council website) so i had a better idea as to how well we could afford it.
If you cant go through welcome home loans then you need at least 20% for a deposit we had to do this because DP had only just started working since we had moved down. We ended up using a mortgage broker and she was excellent. Make sure you do have a couple of grand saved tho to cover lawyers fees and any reports you might need to get. -------------   
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Posted By: clover
Date Posted: 25 January 2010 at 11:52am
What? That's a pretty sweeping statement. KiwiSaver isn't a savings account, you don't contribute in order to withdraw the money when you want to buy something, it is retirement savings, for when you retire. I'm not sure what you mean by "it'll all be blown by the time we're retirement age" either, unless you're suggesting all the banks and financial services institutions such as ING & AMP will all be going under.... KiwiSaver isn't really too different to pension schemes that have been running in other countries for years, people just need to take the time to investigate what they're signing up for. |
Posted By: GuestGuest
Date Posted: 25 January 2010 at 11:59am
| Hmmmm, I agree with summerlamb. How is it a crock emz? |
Posted By: jazzy
Date Posted: 25 January 2010 at 12:38pm
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I don't think it is a crock either.
We are going to set the kids up now with theirs through Westpac & we will make payments in to theirs & their saving accounts, & hopefully when it comes to time for them to get a house it will help them or at least they will have more towards their retirement. After all any savings is good 
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Posted By: caitlynsmygirl
Date Posted: 25 January 2010 at 12:57pm
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This is very interesting reading, DH and I have made the decision to buy our own place, we are lucky enough to have about $20k DH's grandfather left him , but we are moving in with my parents for a while and paying half what we pay where we are now so we can save for more of a deposit , and pay off any outstanding debts .
I can't wait tho , I know there is a lot of extra responsibility owning a house, but if its OURS im happy , I am sick of moving into a place and getting settled , then the landlords deciding to sell and having to find somewhere new . ------------- 
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Posted By: emz
Date Posted: 25 January 2010 at 1:09pm
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Ok yes sweeping statement but I've talked to a lot of people about it and done a lot of research (wish I had before getting signed up for it in my current job though!)
It depends what scheme you're under - if it's a 1:1 scheme, such as Bonus Bonds, you'll be fine unless they go under. But the things that some of the companies invest in (especially in the current economic climate) are not stable (shares never are) and a lot of sensible people are advising not to join Kiwisaver. My kids won't be until they can make their own minds up, and I'm witholding any further payments, and transferring what I do have into Bonus Bonds rather than Axa (who I'm currently with). Plus the fees you get for them managing your account are much greater than what you'd pay at a bank, for quite possibly a smaller yeild in the end. So don't shoot me down, I personally think its a crock as do most people I talk to. All financial advisors I know, and people that have played the sharemarket for 20-30 years all advise against it. |
Posted By: emz
Date Posted: 25 January 2010 at 1:10pm
| Kelly - we moved in with Mum and Dad while saving for our first home too - it worked out so much cheaper (and Mum loved it because I cooked and cleaned for her too!) and they felt great because they could help us into our home without having to actually pay for anything. |
Posted By: Raspberryjam
Date Posted: 25 January 2010 at 1:10pm
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You know Bubie, I think you should try and get a house, you wont get %100 percent home loan , so with out a deposit your only option is a welcome home loan. As these loans still go through a financial institution ie bank or whatever, they will take into account all your costs and debts and well basically if the numbers dont add up, they wont give it to you.
As Idealistist as owning your own home sounds, and it is lovely, you dont want to have to struggle and be stressed when you have a new babe, and since your young you have a few years up your sleeve to wait without having to rush back work to pay a mortgage If you go visit a bank, even if they cant give you a mortgage right now , they will give you some great advice on how to get one in the furture and help you towards it Good luck with the house and your new baby ------------- http://lilypie.com] 
http://lilypie.com] 
http://lilypie.com] 
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Posted By: Twinboys2b
Date Posted: 25 January 2010 at 1:18pm
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Hi, my advice is find out how much how much you'll have to pay weekly if you did own a house (incl. all utilities, mortgage, rates etc) and ...
1) find out if you earn enough to not struggle 2) If you can survive with these payments then start putting any extra (i.e. all proposed house costs minus current costs/rental costs) into a savings account to save for a deposit on a house. That way, you start learning how to survive financially if you owned a house and get a deposit at the same time. In a few years or so time you'd hopefully have saved enough of a deposit to buy your own place. Good luck ------------- 3yr old gorgeous ID twin boys. |
Posted By: Kallie
Date Posted: 25 January 2010 at 1:29pm
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Hi, we have just brought a house last year and got a welcome home loan, and we were only on one income aswell (DH is an apprentice builder so not earning lots of money either) We're pretty young too - i was 21 DH was 23. I guess it depends on the price of the house obviously to the morgage payments but we're hardly paying any more than we were rent and its so much better than the feeling of wasting money on rent. We we're lucky with the fact that house prices are pretty good in Invercargill so got a really nice home .
It would have taken us YEARS to save 20% deposit so this was a way better option for us, i would encourage you to look into it we contacted a mortage broker who was free and he talked us through wether we could afford it or not and then also which bank would be best. It's not always easy as there's also rates and insurance etc but they take that all into account before letting you take out the loan. It doesn't hurt to try! then you know where you stand either way!
All the best!
ETA - just saw your in Gore! lol! so property prices would be pretty good there too |
Posted By: lilfatty
Date Posted: 25 January 2010 at 1:30pm
Mine too .. they have a high interest bearing savings account that we pay into, but there is no way im signing them into something that when they get a job they HAVE to contribute too .. (even if they get a paper route as kids). Also, if you look at the number of financial institutions that have gone under, I can see where Emz is coming from. I bet the copious amounts of investors who have "lost" their money after putting it into Hanover are kicking themselves. ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year http://www.femininefitness.co.nz/category/blog - LFs weight blog
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Posted By: caitlynsmygirl
Date Posted: 25 January 2010 at 1:48pm
Thats what I feel too emz, mum and dad aren't in a financial position to help us out (not that im saying they should, but I know my dad and he would give the shirt off his own back to help us if he could ) but this way they feel like they are helping a lot, which they are , we will be paying less than half of what we pay now, that extra money , we can afford to save a hundred a week , sometimes even 200, after food etc . I watched my parents struggle every week and eventually lose their house because they couldn't afford it , I don't want to go into the same situation , so if it means staying till we have enough for a bigger deposit , so be it . -------------
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Posted By: GuestGuest
Date Posted: 25 January 2010 at 2:08pm
I'm not going to shoot you down but just say that I disagree 100% with what you said. I know no one who thinks it is a "crock" and to be honest this is the first time I have heard anything negative about it at all! All investments are a risk however the thing that Kiwisaver has over straight investments is that your employer contributes as well and you get a $1000 kick-start. I pulled all of my money out of my super scheme that I had since I was 21 to transfer to Kiwisaver instead as I did the figures and it worked out a lot better. The employer contribution means you are getting FREE money, you can't get that with your cash gathering dust in the bank. Plus I have a friend who is a fund manager who endorses it till the cows come home. Why would an investment advisor advise against it? That is like saying they advise against investing in the sharemarket fullstop because at the end of the day that is all that you are doing when you sign up for Kiwisaver. |
Posted By: lilfatty
Date Posted: 25 January 2010 at 2:12pm
I think you will find that many investment advisors are advising their family and friends that this is not the time to invest in the sharemarket (which in a way is what kiwisaver is). Obviously they dont advise everybody that as they have to make their money some how.
I only know this because we have a close friend who is an investment advisor and he mentioned the same thing as Emz was saying .. it just didnt mean that much to me as I'm not in kiwisaver. ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year http://www.femininefitness.co.nz/category/blog - LFs weight blog
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Posted By: Bobbie
Date Posted: 25 January 2010 at 2:18pm
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You can do kiwisaver in a conservative fund which is basically just cash on interest only and no investment in shares if you're worried about it.
With the welcome home loans you do get loaned more if you have some deposit as well. But in Auckland there's a lot of us where owning our own home before having kids (or at all) is just not a possibility. So if you decide to rent for a while rest assured your kids won't be worse off for it. -------------  
 
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Posted By: lilfatty
Date Posted: 25 January 2010 at 2:20pm
Nope im not worried, I literally cant afford to lose part of my wages at this point in time since Im supporting SD and the kids. ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year http://www.femininefitness.co.nz/category/blog - LFs weight blog
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Posted By: shadowfeet
Date Posted: 25 January 2010 at 2:37pm
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Jealous WRX! We're down here as well and our mortgage is $25 a week more than the place was rented for, then rates and insurance added on. When we bought we had to get house insurance and life insurance for at least one of us. We have a welcome home loan and had a 15K deposit. We definitely could not survive on the amount your DP gets. At the moment we're not struggling but do have to budget a bit. Baby expenses add to quite a lot with nappies, formula (if you use it) and other big stuff they need as they grow. ------------- 
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Posted By: Bobbie
Date Posted: 25 January 2010 at 3:59pm
Sorry Julia that wasn't aimed at you just put in after your post. Actually it wasn't aimed at anyone. We're the same. Can't afford to lose our wages to Kiwisaver either. -------------
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Posted By: Bubie
Date Posted: 25 January 2010 at 4:06pm
Thank you soo much this has helped us alot and made us head in the right direction  ------------- http://lilypie.com">
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Posted By: clover
Date Posted: 25 January 2010 at 5:55pm
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I totally accept that KiwiSaver might not be right for everyone but emz I will have to disagree with you, the financial advisers you've been talking to have got a very different opinion to basically everyone I know. Also, it is also fairly general to say now is not a good time to invest in the sharemarket (lilfatty's quote not emz), quite the contrary in fact, the returns for some Australian Share funds were positive from 20% last year. I'll also say that financial advisers are not going to advise you to go into KiwiSaver because they make money because the adviser earnings from KiwiSaver are negligable. Anyway, enough work stuff.
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Posted By: HoneybunsMa
Date Posted: 25 January 2010 at 6:11pm
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Just thought I would say I thought about buying a house but with one on the way we thought against it because with renting you know what you are in for rent/water/power/phone and internet if you want it. When buyin you have other expenses, water/land rates repairs etc these things can come out of no where and give you a fright. When renting you know what to expect. You can budget for your rent and power all in one. ------------- http://www.myfitnesspal.com/weight-loss-ticker"> 
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Posted By: Smurfling
Date Posted: 25 January 2010 at 6:22pm
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Just adding my 2 cents but I think renting is the bette option when you're young. Me and DH are saving for a deposit but are in no real rush to move from where we are. Although, in our situation I guess it helps that the landlord is my besties mum and we might end up buying this place off her eventually... ------------- http://lilypie.com" rel="nofollow">  Proud Mummy of Kaia (age 6), Ridley (age 5), and Charlie (age 14months). |
Posted By: caitlynsmygirl
Date Posted: 25 January 2010 at 6:42pm
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This is the second time we have settled into a place and then been told the landlord is putting the house on the market and we have to leave .
I would rather pay more for my own place, that I can leave under my terms , than keep living and paying money towards someone else , who has the control over our lives . If that means moving back in with my folks for a while , so be it , I refuse to rent again ., I don't have the energy . -------------
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Posted By: clover
Date Posted: 25 January 2010 at 8:05pm
| Kelly that must be so frustrating!! |
Posted By: Bombshell
Date Posted: 25 January 2010 at 8:56pm
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I think in many ways you are very lucky you live in gore and it may help you achieve a dream faster than say in auckland!!!
Banks have cracked down BIG time....no idea about welcome home loan but can let you know what I have seen clients do - get parttime job or fulltime job once bubs is say 6 months old and work and SAVE!!!! show this to the bank say 6-12 months later - DO NOT touch the deposit. Then get loan and buy house and cut down on your hours etc - so long as the mortgage is able to be met from one wage you will be ok. the 2 year sacrifice to be in your own home will be worth it another way is to get your parents to guarantee a loan - you will put their home and assets at risk tho so make sure you do crack down and meet all your bills or you will make them lose what they worked for. In a few years (or you set a time frame) you either save enough to repay them OR you borrow to repay them by topping up your mortgage - and then you can truly say the house is ALL yours (and the banks! LOL) If your parents have a family trust the trust could guarantee a loan - still puts the trust assets at risk if you dont pay bills!!! alll the best - i think you have a good attitude to this and hope you succeed! |
Posted By: Bobbie
Date Posted: 25 January 2010 at 11:49pm
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Kelly I feel your pain. It sucks that LL in NZ just don't go for the long term thing. We've been moved out of all of our rentals over the years bar 2. The rest either they sold or moved back into or had a family member move into. -------------
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Posted By: WRXnKids
Date Posted: 26 January 2010 at 11:13am
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I dont understand all the talk of extra responsibilities when owning your own home? Down here we have council rates and enviroment rates not land lease or water rates or anything extra that isnt included in the council rates already. When josh pulls off wallpaper or damages a wall or stains the carpet again it doesnt matter because its my house i can fix all that when the money is there or we renovate that area. I guess we are pretty lucky as we have friends in most trades so if something breaks it can be fixed on the cheap and dp will give anything a go first anyway but we included savings in our budget so there is always emergency money on hand
Shadowfeet our place was cheaper than yours i think :) for us to rent on the north side a 3bd place with a double garage (nessesity for DP) it was $200+ our mortgage is only $340 a fortnight add rates and home insurance and its around $200 a week for our own house which gives us an asset in the end. I signed josh up for kiwisaver as was told he doesnt have to contribute until he is 18 so paper runs wont be affected plus he gets a free $1000 which wont be offered forever. Eventually there will be some form of scheme that will be compulsary so might as well get in while there is free money to be gained and no high interest account is going to have your investment be matched by your employer as well as a goverment contribution. As Bobbie said you can chose high risk (for younger people who can afford for their accounts to move up and down because its longer until they need it for retirement or low risk generally for those not far off retirement. and josh wants me to add honk honk! or at least thats what he keeps saying to me -------------
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Posted By: caitlynsmygirl
Date Posted: 26 January 2010 at 11:58am
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honk honk back to Josh !
Tell him I say "beep beep !" -------------
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Posted By: cuppatea
Date Posted: 26 January 2010 at 1:06pm
Man I wish we could get a 3 bed house for $340 a fortnight. Our mortgage is $514 a week, yep a week. 
I think getting your own house is a great idea, just make sure you seek financial advisement, ask around for a good advisor and I would also advise borrowing less than they say you can borrow. Kiwibank have a few good home loan calculators which might help you out and most mortgage brokers and banks will give you free advise. ------------- 
 
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Posted By: emz
Date Posted: 26 January 2010 at 2:03pm
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Hehe didn't think I'd caused quite a stir!
Of course we're all entitled to our own opinions and to seek advice (which is the most sensible thing to do). I would rather play the sharemarket myself than let some big-wigs use my money to play it. My father and his share group are doing really well and would rather take their advice, and their advisors advice than someone elses (no offence to anyone ).
LF - I know what you mean about not wanting to contribute! DH has a compulsory army super of over $100 a fortnight (7% of his income) which sucks big time. Wrx - I think people are probably thinking more of what if your oven craps out or somehing - if you're renting the landlord has to fix it, whereas if you own, you have to come up with the cash to. Some people don't have the flexibility. (Oh and very jealous of your mortgage, wow that's cheap!) Bubie - I would just try to live off what it would cost for a mortgage and save the rest. At least then you know you can do it. |
Posted By: minik8e
Date Posted: 26 January 2010 at 2:15pm
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I think in Southland it must be slightly different to everywhere else with the extra costs hehehe
Here, to rent a 3 bed house in a decent area, nothing flash, maybe a single or double darage, you're looking around $350+ a week. To buy, you're looking probably around $280k, which means the mortgage would probably be around $450 a week (based on 30 year term, 7.2% interest rate), plus rates of approx $35 a week, plus insurance (dunno what that is, say $40 a month) $10 a week....that's just under $500 a week to buy a pretty standard home. So that's the extras for you!! We pay pretty close to that each week for a 2 1/2 bdrm house on a little section, but we bought when prices were high and banks were giving money away LOL |
Posted By: WRXnKids
Date Posted: 26 January 2010 at 2:18pm
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The difference is in Invers its cheaper to buy a house - our house is $150000 so after our deposit our mortgage is only small (over a long period until i go back to work so its very affordable now)
Gore is cheaper again so if they find the right house for what they can afford its definitely a better option than renting because in the end its a good asset to have. You definitely have to put together a realistic budget and look for something within your means but its much more affordable down here than in Auck or chch which is where some of the advice is coming from - not that its a bad thing just pointing out its a little different down this way. I just think it is worth looking into through a mortgage broker or the welcome home loans people and see what they say first if they say not right now then they will put you on the right track to getting a house i know we were told by 1 bank to put the mortgage equvialent into an account for 6 mths they would look at it again (this was because we had been staying at my parents and had no recent evidence of making reqular payments) At least if you try you know where you stand and what you need to do next. -------------
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Posted By: clover
Date Posted: 26 January 2010 at 3:20pm
I think that is very sensible, always take the advice of people you trust. |
Posted By: caitlynsmygirl
Date Posted: 26 January 2010 at 3:42pm
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Where I live (Howick ) a 3 bedroom to rent is over $400 a week , to buy its usually from $400 ,000 .
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Posted By: sally belly
Date Posted: 26 January 2010 at 3:58pm
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emz - just think of the $$ when DH leaves. That's what I do -------------    
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Posted By: clover
Date Posted: 26 January 2010 at 4:10pm
WOW!! We rented a 3 bed for $360, and brought a 3 bed for early/mid $300k That is in the Hutt (Wellington). So, what I've heard about Auckland housing is clearly true. |
Posted By: Kallie
Date Posted: 26 January 2010 at 6:26pm
Wow !!, So feel sorry for those having to pay 400 a week on rent!! thats crazy!! Our house in Invers was 165000 3 bedrooms, totally renevated and with insurances (home, contents & life) added in our mortage (with having had no deposit )is still only 270 per week so totally do-able in southland even on one income. But totally agree that there can be extra costs with things that would usually be covererd by the landlord.
Bubie , we went through Roost mortage brokers, think they're based in Dunedin but you can do it all over the phone, and the guy was awesome... just incase you were thinking of looking into it.
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Posted By: SMoody
Date Posted: 27 January 2010 at 4:04pm
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My advice: Start looking around and see what house prices are in your area as well as areas you would like to live. Then go to the online calculators and see what the payments on that will be.
Then go to the ASB one and you put what you are spending on rent now and how big a mortgage you will get on on the amount you already just spending on rent. Now you need a deposit. So what ever the difference in the two amounts are (rent and mortage payment you worked out) and put that in a deposit account. Then make sure all your bills get paid on time, That you dont have any other debts (cars paid off and HP's ect). Then put everything else you can away as well and then start speaking to banks and mortgage brokers ect and check the market out. ------------- http://lilypie.com"> 
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Posted By: Bobbie
Date Posted: 27 January 2010 at 4:14pm
Then close the browser window, give up and pour yourself a stiff drink 
haha joking - it's good advice actually. We pay $450 in rent for a small 3 bedroom unit. I would guess it would cost about $450k + to buy given its proximity to Takapuna. -------------
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Posted By: Hunnybunny
Date Posted: 27 January 2010 at 6:19pm
Actually I think you'll find Gore isn't... Its getting more like Windsor in a way, unless you go over east gore, but even there the houses are getting more expensive. Meh, I say go for it. Give it a go at least. The worst the banks will say is no! |
Posted By: Bubie
Date Posted: 27 January 2010 at 8:59pm
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Wow thank you so much guys, really really good advice thank you so much ------------- http://lilypie.com">
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