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20% deposit needed to buy a house from oct

20% deposit needed to buy a house from oct

Old May 17th 2015, 12:40 pm
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Default Re: 20% deposit needed to buy a house from oct

Question 1 : So what is the rateable land value of the above property ?

Cheeky question 2: Is Bearskin a secret millionaire on paper?
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Old May 17th 2015, 12:56 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by BEVS
Question 1 : So what is the rateable land value of the above property ?

Cheeky question 2: Is Bearskin a secret millionaire on paper?
The rateable value of the house that sold for $937K?
It's $680K, I just looked it up
http://www.aucklandcouncil.govt.nz/EN/ratesbuildingproperty/ratesvaluations/ratespropertysearch/pages/yourrates.aspx?vr=0398263600&pa=13%20Weatherly%20R oad%20Torbay

This is the new CV that was evaluated last year...they are already way under actual selling prices.
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Old May 17th 2015, 8:57 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by BEVS
Cheeky question 2: Is Bearskin a secret millionaire on paper?
Owe a fair chunk of this house's equity to the bank yet, but, TBH it must be getting close. Now what would you do if you found that the value of your house minus any deductions (mortgage, sale fees etc) WAS a million dollars? How would you feel? Would it make you do something?

Personally I might just shrug and keep calm and carry on. But I might wonder what a million clear would get me back in Blighty? Or somewhere else nice in NZ, or Byron Bay etc etc
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Old May 17th 2015, 10:28 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by bearskin
But I might wonder what a million clear would get me back in Blighty? Or somewhere else nice in NZ, or Byron Bay etc etc
Itll only buy anything more than you have, if like you say, you get the hell out of Auckland
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Old May 20th 2015, 9:24 pm
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Default Re: 20% deposit needed to buy a house from oct

Token gesture in the budget, ~$50m to "solve" Auckland .
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Old Mar 18th 2016, 9:03 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Charismatic
Token gesture in the budget, ~$50m to "solve" Auckland .
You know its gone bonkers when people expect you to pay $3m for a 700 sqm with a 400 sqm house in east Tamaki.
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Old Mar 18th 2016, 9:46 pm
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Smile Re: 20% deposit needed to buy a house from oct

Auckland is getting some reprieve because inflation is just 0.1% and has been outside the target range of 1 to 3% for some time now so RBNZ will have to keep cutting their rates which makes further borrowing much more affordable for your average kiwi. They supply/demand dynamics in Auckland haven't changed so I'd expect prices to "go ham" now. Low rates cause bubbles but RBNZ won't resort to QE or helicopter money until indirect liquidity injection is maxed out (interest rates are at zero or slightly negative).

To be honest it seems New Zealand is falling into the same trap other countries have been in with low inflation, interest rates and wage growth. We are just arriving fashionably late.
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Old Mar 19th 2016, 10:47 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Charismatic
Auckland is getting some reprieve because inflation is just 0.1% and has been outside the target range of 1 to 3% for some time now so RBNZ will have to keep cutting their rates which makes further borrowing much more affordable for your average kiwi. They supply/demand dynamics in Auckland haven't changed so I'd expect prices to "go ham" now. Low rates cause bubbles but RBNZ won't resort to QE or helicopter money until indirect liquidity injection is maxed out (interest rates are at zero or slightly negative).

To be honest it seems New Zealand is falling into the same trap other countries have been in with low inflation, interest rates and wage growth. We are just arriving fashionably late.
Added to that, with savings interest rates down people are looking for other places to put their money to get some return so property and the stock market are hot right now. A stock market crash is predicted, which would be a good time to buy. Hard to say about property.
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Old Apr 7th 2016, 9:16 pm
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Smile Re: 20% deposit needed to buy a house from oct

Originally Posted by Charismatic
They supply/demand dynamics in Auckland haven't changed so I'd expect prices to "go ham" now.
Evidence is mounting that the impact of new tax rules and of recent Reserve Bank restrictions on Auckland housing investors has been short lived.
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Old Apr 12th 2016, 9:45 pm
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Default Re: 20% deposit needed to buy a house from oct

We are looking. Which is something we've not done for a while.

TBH, things don't seem "too bad"

Probably a clear sign we've been here too long and take it for granted now... I know.
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Old Apr 16th 2016, 8:33 pm
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Smile Re: 20% deposit needed to buy a house from oct

Westpac almost doubles its forecast for house price growth this year to 11.5%. Median Auckland price is at $820,000.

I'd be very reluctant to call it a bubble however because there are still severe crimps on supply and the reserve bank still has a way to cut with inflation at 0.1%.

As a measure of the lack of success in guiding inflation the target inflation range is 1-3% but has been under that range since September 2014. RBNZ will probably get a "please explain" letter from the government at some point as to why they have missed targets for more than 6 consecutive quarters and are still trending away from target. That's actually pretty serious and I'd expect RBNZ to burn through to QE next year to avoid deflation if the trend that started in way back in June '11 continues.

Maybe you wait a while to refix your home loan rates?
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Old Apr 19th 2016, 8:34 am
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Default Re: 20% deposit needed to buy a house from oct

didn't realise it was 30% deposit in Auckland. and looks like they may be upping that in May.

It's About To Get Even Tougher To Own A Home In NZ
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Old Apr 19th 2016, 8:48 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by MrsFychan
didn't realise it was 30% deposit in Auckland. and looks like they may be upping that in May.

It's About To Get Even Tougher To Own A Home In NZ
It's 30% deposit in Auckland if you're an investor/landlord - 20% if you're buying your own home. The banks have discretion to lend at less than 20% deposit for 10% of their total lending, those with a lower deposit would pay higher mortgage rates I think.
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Old Apr 19th 2016, 8:07 pm
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Smile Re: 20% deposit needed to buy a house from oct

Originally Posted by A Rush And A Push
...those with a lower deposit would pay higher mortgage rates I think.
Rates will be the carded rates + a low equity fee (usually 0.25-1%).

If you have 80% LVR+ you'll likely get a discount on the carded rates and may get a "cash contribution" if you call around/are willing to be tied to a 3 year clawback arrangement.
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Old Apr 20th 2016, 6:33 pm
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Smile Re: 20% deposit needed to buy a house from oct

Originally Posted by Charismatic
RBNZ will probably get a "please explain" letter from the government at some point as to why they have missed targets for more than 6 consecutive quarters and are still trending away from target. That's actually pretty serious...
Kerching: Documents show English pushed RBNZ board last year to toughen scrutiny of Graeme Wheeler's performance; focus on inflation and financial stability performance relative to PTA; letter sent and extra meetings called for | interest.co.nz


Looks like RBNZ may increase capital requirements on banks for home loans. Would let money trickle to business lending while managing the housing risk (banks will widen the margin between the wholesale and retail home loan rates...a sort of stability tax).


ETA: No word on LVR.
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