Home ownership
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Category: General Chat
Forum Name: General Chat
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URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=6877
Printed Date: 03 October 2025 at 11:09am
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Topic: Home ownership
Posted By: fattartsrock
Subject: Home ownership
Date Posted: 19 April 2007 at 2:43pm
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Just wanted to chat about this, see what others think about the current situation with prices etc.
We do own our own place, have had it for about 5 years? Well, Rod bought it, and I bought in when I moved in, but anyway, I keep getting to thinking, If I hadn't met him, I probably would never be in a situation to get into the property market. A "starter home" here is priced around the $250k mark, and not many of them come along. How many of you have their own place? If not, looking at the current market and interest rates etc, do you think you will ever get into your own home? Does it make you feel sad that you may have to take out a 95 or 100% mortgage over 30 plus years to get into a home? Or do you think we live in a society of wanting it all now? You know, the flash car, furniature, tv etc. Just wanted to chat about a "hot topic".  ------------- The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P |
Replies:
Posted By: nuttymama
Date Posted: 19 April 2007 at 2:54pm
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We have thought long and hard about this very topic. Our current rental was up for sale (now sold) and we did consider buying it but as we could only envisage ourselves being in here for a maximum of two years decided it wasn't worth the hassle.
We like the stability of owning our own home versus renting, but with one wage it's just not practical. The mortgage payments themselves would cripple us, and with Abby only being two will be at least another three years before I go back to work. Plus it's just so dam expensive to buy now we really missed the boat. So for now at least we will be at the mercy of landlords and keep dreaming of our own home. ------------- Abigail 06/01/2005 Jayden 21/11/2001 Micheal 03/04/1997 |
Posted By: Roksana
Date Posted: 19 April 2007 at 2:57pm
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We own out home and have for the last two years. And wwe paid way more that $250K for a 3 Bedroom, 2 year old brick and Tile home.
Yes its hard to pay mortgage and still have a great life. Atish and I dont earn bad money but it seems that we are always short of it! Mind you Day care cost, rates, insurance and bills all do mount up. Mind you we pay more than what we need to as we are trying to get rid of the mortgage faster. Here is hoping. However we do plan to put this house on rent and buy a bigger place in another few years. Will depend on the interest rates tho. ------------- http://lilypie.com"> 
http://lilypie.com"> 
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Posted By: pepsi
Date Posted: 19 April 2007 at 3:04pm
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Yeah, I think it's sad that a lot of young families probably won't be able to buy their own home these days - particularly here in Auckland. Mainly because I'm sure it will be harder for our children to do the same when they are older too. I know not everyone wants the responsibility of a mortgage, but I personally feel happier and secure knowing I'm not at the mercy of a landlord. Just the bank! haha
Lucky for me, I am in a very decent paying industry so I bought my first house by myself when I was 25 (5 years ago) and DH moved in with me when we got together. He had a property which he was renting out so things were "even" financially for us from the very beginning. After DH and I got married, we sold my place, bought a house together and are still renting out the other place - although we plan to sell at the end of the year (see, our tenants are at the mercy of us!)
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Posted By: Glow
Date Posted: 19 April 2007 at 3:05pm
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We brought last year. 5% deposit over 30yrs. Our 1 wage covers mortgage, and love owning our own home.
So glad we brought when we did as prices in or area have gone through the roof, not to mention the 2 new subdivisions close by. ------------- Mummy of Two Boys B: 2004 K: 2007 |
Posted By: Roksana
Date Posted: 19 April 2007 at 3:25pm
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Tell me about it Gloria.....After the forst year of our purchase the price of our house went up by $30K and After two years the valuation came $61K more. That is just plain crazy!! ------------- http://lilypie.com">
http://lilypie.com">
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Posted By: Guests
Date Posted: 19 April 2007 at 3:30pm
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I own a property in CHC that I brought when I lived there when I was 23. It is currently looking after itself...touch wood. We are now in Akl and I just seem to be stuck in the renting game. We could sell CHC but it would only give us a small deposit to buy here so just doesn't make sense right now. |
Posted By: Glow
Date Posted: 19 April 2007 at 3:34pm
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I think Oto was top in country, up 33% from last year. Our house is up 100k, not sh*t!! in our first year YAY.
I dont pay any attention to interest rates etc. I wouldnt have a clue, dont think i want to know either. ------------- Mummy of Two Boys B: 2004 K: 2007 |
Posted By: Roksana
Date Posted: 19 April 2007 at 3:39pm
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Wow that good Gloria!
I had a agent come and tell me she can sell my house for $90 -$100K more than what I paid. I laughed and told her Yah right!! You never know huh?? LOL. My friend built his house, moved in and with in two month sold it with $122500 profit! Crazy crazy....I tell you! What is NZ coming too? And people are buying...where are they getting thier money?? TELL ME TELL ME!!!  ------------- http://lilypie.com">
http://lilypie.com">
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Posted By: Sarah Beth
Date Posted: 19 April 2007 at 3:41pm
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we own our own home, we bought about 5 years ago, so really we got in before the prices went crazy and have nearly doubled our investment. We love having a home that is ours, but it does suck when something goes wrong (like the hot water cylinder breaking) that you can't call the land lord to take care of it! ------------- "> 
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Posted By: Glow
Date Posted: 19 April 2007 at 3:46pm
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Id belive it,
I went to a property investing seminar once lol They explained how to use the equity in your home to make more $, but id sat in the back and didnt pay any attention(like at school) Will ask dp when he gets home, hes right into it. ------------- Mummy of Two Boys B: 2004 K: 2007 |
Posted By: peachy
Date Posted: 19 April 2007 at 3:46pm
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We have owned our own property for about 4 years now. We paid alot more than $250k, but we are in Auckland, and we specifically wanted to live in the particlar area we are in. Its semi-rural and is a quarter acre section, so for something like that in Auckland, you are looking at quite alot of money. Luckily when I was younger (and with the pressure of my parents - I thank them for this now) they encouraged me to buy a "first home" in an average area of West Auckland. I did this and just had flatmates and lived there myself. I sold it last year and came out with $100k which was a fantastic chunk to come off the mortgage of our current home. Boy was I thankful to my parents for sharing their advice on what to do with my money other than drinking it away in the pubs and clubs in town when I was a little less sensible!
Our problem is now, how do we maintain a bit of a lifestyle and pay the mortgage when we go down to one income? We are both quite stressed about this, especically considering I am such an independant person. I just cannot get my head around not having an income that I can say "I worked hard for this money". We should be fine, and everyone says "you will cope just fine" it still just seems like we won't be getting ahead anymore? ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: newmum
Date Posted: 19 April 2007 at 3:53pm
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You know about our probs buying a place in Blenheim Annie!! I can't believe how crazy the market is all over NZ and how hard it is to get a foot in the door.
We have finally found a place (the one in Renwick) and have some probs but if all goes well we will still be paying 430$ a week mortgage which makes me feel sick as we are only a one income family and were only payin 310$ a week rent in Welly GULP 
------------- http://lilypie.com"> 
http://lilypie.com"> 
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Posted By: Roksana
Date Posted: 19 April 2007 at 3:53pm
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Well Nicole...do you plan to be a SAHM? if so may be you can look in to home business. If not and you are only staying away for few months then Save like crazy now....pay more on mortgage and get a 3 month Mortgage holiday. That will be a big help....I know that what I planning to do for my Second baby (I plan to stay home for 6 months, unlike with Zaara I was home 3 months).
I earn more than hubby so going down to one lesser salary does hurt the pocket!  ------------- http://lilypie.com">
http://lilypie.com">
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Posted By: Roksana
Date Posted: 19 April 2007 at 3:55pm
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I wish I was paying $430 a week!!
May be I should move down to blenheim?? LOL  ------------- http://lilypie.com">
http://lilypie.com">
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Posted By: mummy_becks
Date Posted: 19 April 2007 at 4:00pm
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We own our home thanks to the help of DH's parents. They loaned us the deposit and we pay that back to them (to which both parties are happy with) when our bank mortgage goes out. We got our house at a steal in Palmy $174k and so close to the arena and town I walk most places if I know i'm not going to be buying much. I know that when we sell we will make a tidy profit (over 100K at least), however we have had to put a lot of time and effort into the place including a new bathroom, bedroom, lounge and hopefully at the end of the year a new kitchen. We are quite lucky and that the money we get from IRD each week covers 2/3 of the mortgage so we are coping. Hopefully when I go back to work we will be able to use IRD money for what we want to use it for (renovation ). And as my parents are leaving NZ and everyone is sure we are going to follow them we would be looking at getting our house fixed up ready for sale next year. ------------- I was a puree feeder, forward facing, cot sleeping, pram pushing kind of Mum... and my kids survived! |
Posted By: Bombshell
Date Posted: 19 April 2007 at 4:06pm
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well i decided when on a much lower income than now to buy in on a BIG house with mum, and we bought very well - it has now more than doubled in value (in 5 years) and we bought teh house with an income unit attached which we rent out for ($360 a week) meaning someone helps pay our mortgage.
then we went to a prop seminar and realised that rentals were a great investment. We also decided to buy a better class of rental so bought a brand new house in a brand new area close by and rent that out. some friends were very upset when they saw it that the rental is better than their homes...and it is lovely, we will possibly live there if we decide to build later on! so that tenant pays mortgage on that...and there are shortfalls but nothing like a whole nother mortgage. That rental has gained about $160000 in 2 years that we have had it. I wouldnt have been able to afford to do this before but timing was right, and we bought very well. DH (who didnt own a home) then moved in and now we are looking at options of buying rentals as do ups etc for profits to buy other stuff (like upgrading our property, new boat etc) in future. I am pleased I stepped into the property market but could have very easily have missed out too. Pure Timing! |
Posted By: peachy
Date Posted: 19 April 2007 at 4:09pm
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Roksana, I do plan to be a SAHM for atleast one year. We already are in business, DH runs our business from Parnell, so we are hoping that I can pull a wage from that as I do his accounts at the moment from home in the evenings, but at the moment its for love not money!
So there is an opportunity for me to earn some money and work part time for our business, but it wont be nearly what I am used to earning! I am also looking into a small business for myself, I am quite a skilled person and like to think outside the square, I just haven't quite stumbled on my million dollar bright idea just yet  I am still working on that one!
I think its more the thought of loosing one income that scares us more than actually not coping! ------------- http://lilypie.com"> http://lilypie.com">
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Posted By: .Mel
Date Posted: 19 April 2007 at 4:09pm
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We sold our house about two years ago, and discovered rather rudely that we couldn't afford to buy in the Auckland market (we looked from Pukekohe up to Orewa). So made the decision to invest the difference and go renting. Two years ago rents were pretty good (especially in the Royal Oak/Onehunga area) so we signed up to rent this villa in Onehunga for a year; thinking that after a year we would look at buying.
Again rather rudely we again discovered that with our deposit and mortgage we were actually better off renting, eg: we pay $360 a week, and our mortgage was going to be $555 a week! I only work 25hrs a week and with our incomes we just can't do it. I'll admit it's gut wrenching when all of our friends are buying and we aren't, but we'd rather be comfortable than be struggling to find the money each week/month. SOOOO at this moment there is no way in heckens that we will be buying a house, we will stay renting where we are, as we have an awesome landlord who we never see or hear from, don't have to pay any rates; only have to pay the Utilities and our contents/car insurance, and we've got a nice nest egg earning decent interest and I have no idea what we will use it for. ------------- Mr Mellow (16) Miss Attitude (8) Destructa Kid (3) 
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Posted By: sparkle
Date Posted: 19 April 2007 at 4:35pm
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We've had our home in Auckland for about 3 years now. We bought in the middle of the boom, but it was a case of "if we don't do it now.........." That said, we've just had to have our house re-valued to buy our rental property (using the equity in our house) and it's gone up $100K in those 3 years.
When we bought the house I couldn't believe how much money the bank was willing to lend us. We had a good deposit and earn decent salaries, but the figures they were giving us were making me feel sick! After watching a tv programme early last year about famlies and how much they earn/live on etc I made an appointment with the bank manager to discuss our mortgage. Now we make an additional payment of $350 a fortnight on a fixed amount so our mortgage comes down a lot faster. It was surprising how even an extra $50 a week can cut a few years off! ------------- http://lilypie.com"> 
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Posted By: peachy
Date Posted: 19 April 2007 at 5:41pm
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sparkle we too were surprised at how much the bank would lend us! Put it this way, if we had of borrowed the max they would give us we definately would not be having children for about another 10 years! It would have been impossible to pay the mortgage and live while having a child.
It really annoyed me that the bank did this and I rightly told them so, not because we could have been sucked in (I am far too sensible for that!), but how they could have given us false hope for us to buy our absolute dream home, but have no life and never be able to afford children. I don't think they considered other factors and realistically calculated how much we could actually afford and still maintain a fairly good lifestyle! Only after our own assesment of finances did we decide the max we would spend, no thanks at all to the bank! ------------- http://lilypie.com"> http://lilypie.com">
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Posted By: Leish
Date Posted: 19 April 2007 at 6:04pm
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We don't own our own home and I am a bit gutted that we don't. Until quite recently, we weren't "ready" for a mortgage and just weren't at the point where buying a house was important. Now - it is important to us and we probably will never be able to afford to buy. I don't like the idea of getting a 95 or 100% mortgage to buy a rundown house in a crappy area but that is what will be the reality for us if we do want to buy.
It's sad thinking that our children won't have a proper home - a place that we own and can paint and do the gardens and things like that. ------------- http://lilypie.com">  http://lilypie.com">
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Posted By: AnnC
Date Posted: 19 April 2007 at 6:06pm
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we brought here when house prices were about to go up (in hinsight would of brought more than one property)within 3 years our CV (was GV) has doubled and if we were to sell we would make at least 130,000 without doing a thing. Its a fourbedroom, two toilet (can't say two bathrooms as it isn't) 1930s house with rimu tastefully thru out (LOL you'd think I was selling it)
We actually looked at this house for a friend to give our second opinion and were not looking for ourselves just thought about it - well we came we fell inlove with it (our friends couldn't afford what they were wanting and I got the ok from them to buy it - out of respect I asked them if it was ok) so borrowed deposit off my parents and here we are. BEST thing we ever did. Boy and $430 a week!!! we pay $350 a fortnight on our mortgage and I think that is enough LOL ------------- Ann 
Also Mum to Josh (15) and Brooke (10) |
Posted By: peanut butter
Date Posted: 19 April 2007 at 6:34pm
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Peachy, I know exactly where you are coming from. When we redid our mortgage last year through a mortgage broker he showed us how banks work out how much they will lend you and it was astronomical!!! but there was no way we would actually be able to pay that amount. Thankfully like you I am also very sensible and we didnt want to over committ ourselves.
we currently own our own home, have done for 18 months. we have been super lucky in that the place we are actually living in is a family trust home and they are charging us peanuts to be here so we have been able to rent ours out. We are moving into it this weekend though as it will be more suited to a baby so now we have to cough up the full mortgage ourselves (about $450 a week). not impressed! and I am FREAKING out at how we will be once I stop working as I am the highest income earner and due to DF doing a course last year and then an overseas trip, that got me knocked up way easier than I thought, we havent got a lot of savings. I am toying with the idea of a mortgage holiday as a friend suggested. She pointed out that we need to just get our heads around having debt and not bust our guts trying to clear it and I think she has a point. We plan to hold on to this house for a few more years but then sell it to buy another and a rental. We are always going to have debt but if house prices continue to rise....which they will at some level we will come out on top at some point. What a novel. Bascally I dont think there is ever a perfect time to get on the ladder (if there was it would be yesterday) so you just have to do whatever you can to get on. You may pay too much today but in a year it will be about right and in a few years it might seem a steal. |
Posted By: Leish
Date Posted: 19 April 2007 at 6:38pm
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Yeah nzpiper - thats the conclusion we have come to - never a good time to get on the ladder and we will most likely end up having to buy a crappy house in a crappy area just to get in to the market but at least we will be in there. Hopefully anyway. ------------- http://lilypie.com"> http://lilypie.com">
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Posted By: miss
Date Posted: 19 April 2007 at 6:55pm
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We bought just under 2 years ago. So pleased we did as there is nothing vaguelly near what we paid in the area with 3 bedrooms.
We went 101% - no worries about that. The first 18 months we paid extra (300 a fortnight on top of the 1000 it is normally) to get a little equity in the house. Since January though we have bneen saving the extra money to cover the mortgage while I am on maternity leave. We may also qualify for a mortgage holiday (though normally you need at least 20% equity to get one,they may take the extra we apid into account). It will be harder on one income, but if I waited to have bubs when we could afford it, we never would have one! The biggest problem with getting in to the market is that very few people are willing to do the climb that you need in places like Aklnd now - the 2 bedder out south/west, to the 3 bedder, to the one closer in etc. Most people want something a little bit nicer and closer and that is yet another reason why the prices are being driven up in the sattelite suburbs liek Mt Wellington (where we are) and similar. And hey, i understand as we went straight into a 3 bedder! -------------  
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Posted By: AnnC
Date Posted: 19 April 2007 at 7:07pm
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oha nd we have done the rental/ doing up house etc... twice and made a nice profit and so hence the trip to the Uk and Usa - could of paid it off the mortgage but it will still be there when we get home and maybe do the buying another property another time (although alot of work and time) ------------- Ann
Also Mum to Josh (15) and Brooke (10) |
Posted By: fattartsrock
Date Posted: 19 April 2007 at 7:44pm
ours has gone up almost $100k! ------------- The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P |
Roksana wrote:Posted By: fattartsrock
Date Posted: 19 April 2007 at 7:47pm
Holy smokes!!! Renwick is lovely, though and only ten mins totown. Hey, I know a few nice chicks out in Renwick with Kids round the boys age and new babies.. 2 will be having new bubbas round the same time as you, and one shares your midwife. ------------- The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P |
Posted By: MyMinis
Date Posted: 19 April 2007 at 7:55pm
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We dont own our own home we cant afford to, we ahve looked into it as we would prefer to pay the money into a mortgage than into someone elses, also the fact we'd love to be able to do whatever we want to our place without having to consult anyone first.
I really wish I saved up ahrd wehn I lived in queenstwon as I was on excellant money down there and wasnt paying a high rent, less than what Im paying up here in Wellington, we prob couldve ahd our own place by now if I hadve thought about it. ------------- http://lilypie.com"> 
http://lilypie.com"> 
http://tweetytweety85.bebo.com - bebo |
Posted By: MyMinis
Date Posted: 19 April 2007 at 7:58pm
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wow AnnC $350 a fortnight in mortgage we pay $560 a fortnight in rent!! ------------- http://lilypie.com">
http://lilypie.com">
http://tweetytweety85.bebo.com - bebo |
Posted By: Kels
Date Posted: 19 April 2007 at 8:07pm
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Ann- Im sooo jealous, Im paying more in rent than you are for a mortgage. I dont think I'l ever be able to buy unless I win lotto or marry a rich man I would love to own my own home one day A girl can dream ------------- http://lilypie.com"> 
Busy mum to Miss 15yrs, Miss 10yrs and Master 4yrs |
Posted By: peanut butter
Date Posted: 19 April 2007 at 8:12pm
| Lotto wont cut it....you need big wednesday!!! |
Posted By: lizzle
Date Posted: 19 April 2007 at 8:52pm
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we are planning to buy next year - with our incomes (assuming Lew gets the job he wants) the bank will lend us LOTS. We will take about 2/3 of what they will probbaly give us, and plan to pay off within 16 years - although we will take it over 25 years. Consumer had a agreat artcle about how to do it. once I get my scanner I'll scan and email off to anyone who is interested - probably in a few months though.
we'll get a 100%loan I think, although my dad has mentioned he may lend us the deposit (he inherited a significant amoutn form my grandfather recently). I can't wait to start looking! |
Posted By: fattartsrock
Date Posted: 19 April 2007 at 9:16pm
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We have 2 mortgages, one for our business and our home one, but both of them combined are waaaay less than alot of peoples home mortgage. After we have paid for our wedding we are going to start saving lump sums into a special account and pay off lump sums yearly. We hope to have paid both mortgages off in ten years, fingers crossed! I really really thank my lucky stars I'm not trying to get on the ladder now. And you guys are right, it is bloody scary how much the banks will lend you, and it is the same with finiance companies as well, I used to see it at work alot, it is very easy to see how un smart people who are a bit greedy get into trouble. ------------- The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P |
Posted By: Brenna
Date Posted: 19 April 2007 at 9:24pm
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We had an old state style house in town (Hamilton) and also a rental near the hospital and sold both of them 2 1/2 years ago to buy where we are now. We are now 5 mins out of the city and are living in a do-up on 1 1/4 acres. We love it and are pleased we got this place when we did as it was a bit of a bargin. We would like to get back into rentals but that wont happen until I'm back at work more.
We decided to move to the country for our childrens sake. We want them to feed a baby lamb, go collect eggs, have a pet pig etc... We've had to sacrifice a bit, but we wouldn't give up this lifestyle for anything! -------------  My beautiful 2 girls...nearly 4 and 13 months
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Posted By: busymum
Date Posted: 19 April 2007 at 10:07pm
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My parents didn't charge me board while I was in my teens and working, so I was able to save up a tidy little nest egg which became our house deposit in 2003. Our RV almost doubled in 3 years, last year we sold our 3bdm and bought a 5bdm on the other side of town. We now have a mortgage of $170k, fortnightly payments are $600 , and a lot of that is paid thanks to the accomodation supplement ($120pw) and Family Support. I am SAHM, DH is employed on a casual basis which can be a bit stressful at times. We stick to a budget and somehow it has all worked out for us. ------------- |
Posted By: Jennz
Date Posted: 20 April 2007 at 12:03am
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This is one of the main reasons we came over here- not to buy a house here(even though we now are, can't turn our noses up at 5% interest!) but so we could save enough to be able to buy when we come back and not be crippled every month by a giant mortgage.
Basically DH earns more over here, pays less in tax and pound for dollar we spend less on living. So not only are we saving more- what we do save is worth 2 1/2-3 times as much when we come back to NZ. In NZ we saved about $1000 a month, here we save about 2000-3000 pounds a month (so around $5000-$8000 NZ). Over the next 3 years saving that kind of money we hopefully should be able to come back and be able to get a decent house without having to borrow too much. If we had of stayed in NZ theres no way we could have afforded to buy anytime soon. ------------- Jen, Charlotte 7 & Kate 3 
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Posted By: kebakat
Date Posted: 20 April 2007 at 7:23am
| We have our own home, if we didn't we would be renting for most of our lives, there is no way we would be able to afford the mortgage repayments these days. It's tough enough now that our mortgage takes out about 40% of DH's pay at the moment. Plus rates aren't exactly cheap either and those are only going to get more and more expensive. |
Posted By: sparkle
Date Posted: 20 April 2007 at 8:03am
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My thing with house prices is that to buy "bigger and better" it doesn't really matter that your house has gone up in value, as all the others in the area have aswell!!! You're gunna still have a massive mortgage!
We live in a nice part of Te Atatu Peninsula, which has become quite a popular little area out west, being so close to the city etc. We have a 3 beddy on a half site. I would looooooovvvvvvveeeee to have a full section, but doubt if we'll ever be able to afford a bigger place in the next ten years! Lotto powerball this weekend anyone!! ------------- http://lilypie.com">
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Posted By: AlyAyde
Date Posted: 20 April 2007 at 8:45am
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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. ------------- Jayde 25/12/04 Alyssa 08/04/03 http://Alyayde.bebo.com |
Posted By: Bombshell
Date 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... |
Posted By: Glow
Date 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. ------------- Mummy of Two Boys B: 2004 K: 2007 |
Posted By: Glow
Date Posted: 20 April 2007 at 8:59am
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Isnt it amazing how quickly it reduces the morgage aye BS? ------------- Mummy of Two Boys B: 2004 K: 2007 |
Posted By: Bizzy
Date Posted: 20 April 2007 at 9:19am
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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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Posted By: Anna
Date 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?! ------------- Anna http://lilypie.com"> 
http://lilypie.com"> 
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Posted By: SquishysMum
Date 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. |
Posted By: 11111
Date 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. ------------- Deborah Mum to:   
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Posted By: busymum
Date 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. ------------- |
Posted By: BaAsKa
Date Posted: 20 April 2007 at 1:58pm
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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... |
Posted By: jack_&_charli
Date 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. ------------- http://www.alternatickers.com"> 
http://lilypie.com"> 
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Posted By: aimeejoy
Date 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! ------------- Aimee Hannah 22/10/05 Greer 11/02/08 |
Posted By: fattartsrock
Date Posted: 20 April 2007 at 9:39pm
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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? ------------- The Honest Un PC Parent of 2, usually stuck in the naughty corner! :P |
Posted By: emz
Date 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! |