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20% deposit needed to buy a house from oct

20% deposit needed to buy a house from oct

Old Aug 24th 2013, 8:00 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by kitti View Post
Thank you Auckland and Christchurch for screwing things up for the rest of us.
Thanks councils for restricting supply to such an extent they've cause a housing bubble. Still at least the rates have stayed low .
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Old Aug 24th 2013, 8:47 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by kitti View Post
Thank you Auckland and Christchurch for screwing things up for the rest of us.
Yup, well said. No offence to Christchurch as they can't help it, but Auckland ? It's deliberate and I don't understand how/why people get sucked into it.
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Old Aug 24th 2013, 9:37 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by stumilburn View Post
Hi all! I've been reading various threads like this one for the last few months and my heart has sank reading about the cost of living, house price mania and the proposed 20% deposit
.

Well done, you are in the minority of would be ex-pats who are prepared to listen and accept the facts.

I hoped to get a Primary teaching job and take my 2 kids 6 and 7 and partner with me and move to NZ (As a family we love the outdoors and I m one of those deep thinking, better life naturist, quiet life(ish) types).... I know teaching is not on the job lists- I ve looked at this for years- but still wanted to give it a go!Had one offer in Manurewa in December but the missus wont sell the house and go for it! I reckon I could make a decent impression face to face, or even get in by doing supply.
Please don't blame your wife, it's not fair on her.

Maybe my chance has gone. I m more than willing to take big risks but think it may be a suicide mission financially.
It will be. Some people sell their house then spend all their equity getting to NZ and getting set up here They've then destroyed their financial position by having to start all over again with no equity for a new house. OK, they rent, but, why ? 'Cause they need somewhere to live, OK. They've destroyed their financial position for a better life Getting back on the, 'saving for a house' treadmill. Really ? Starting a new mortgage from day one, again.

I don't mind renting a small two bed shed and am not materialistic
By British standards, probably not. Auckland is one huge spend-a-thon, but you come back with nothing.

but the missus might be different.
How about, 'will be different' ?

She s into triathlons so there s one carrot.
She's into the groove with triathlons. Finding one, training for it and competing in it in NZ will be to much on top of emigrating. She will find that frustrating, that she can't even train until she's feeling settled. I bet there's more triathlons within a fifty mile radius of your house now that there would be within a similar distance if you moved to NZ.

If we sold our house we d have £50 K equity to play with. That would include getting there etc. Previously I would have taken the risk of finding a job in 6 months but now I m thinking of abandoning the whole project for now.
You've answered your own question. We turned up in NZ in 2011. We arrived in Christchurch 3 weeks after the fatal earthquake. I got a temporary job, my husband was getting interviews but no offers. After three months of this, we were about the throw the towel in and go home. Then my husband got a job offer in a different town in NZ which is where we are now. We survived by the skin of our teeth, the idea of someone else doing it makes my blood run cold. Especially with child/ren, we don't have any.


I d love to live "around" Auckland- towards Waitakere ( and near a friend) maybe but Wellington and the hutts may be a better option
.

Auckland just doesn't do it for me. It's where my outlaws live ! I live two and a half hours' drive from Wellington.

What would you do? I see Davros1984 said it would be crazy for anyone to think about the move at the min. Do you agree?
Yeah, pretty much. If you think, 'it's alright for you, you already live there' well, I'll say no more

My mate is really lucky.
Please just think about that.

When I went last August I blew most of my money on food! (And a bit of drink) Loved the kayaking and all the outdoor stuff. But I m well aware I wont be able to live like my mate...
A bit more realism. Well done. I accept emigrating screws with your head. However, I sometimes wonder what planet some would be or newly emigrated people are on.

Decisions, decisions. The UK is on the up slightly at the min. I think people have adjusted to the times and house prices and spending is slightly up.
Decisions, decisions. Will we get back to the UK in time to bag a bargain before the housing market takes off ? No plans to move just yet. Where's that crystal ball ?

I bought 2 punnets of strawberries at a town centre market for £1 the other day... cheap and tasty!
I saw strawberries for sale in punnets in the supermarket yesterday. I can't remember how much, but, NZD3.50 per punnet comes to mind. That's about GBP1.75. They had been imported from Australia. I didn't by them, I don't think they would have tasted all that nice what with it being late winter/very early spring here in the Southern Hemisphere just now.

Anyway what would you do? Put it off even longer... or keep forging forward?
OK, there's an element of, 'feel the fear and do it anyway'. However, there's other ways of committing financial and marital suicide !
Good luck with whatever you decide. Never mind some total stranger on the internet !
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Old Aug 25th 2013, 4:50 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by barnsleymat View Post
I'd feel ripped off paying $58k to live in Glen Eden, it's bloody awful.
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Old Aug 26th 2013, 3:23 am
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Default Re: 20% deposit needed to buy a house from oct

For those who have commented on a possible return to the UK i.e. shocked kiwi - it appears it has begun:

1)http://www.telegraph.co.uk/finance/p...me-to-buy.html
2) http://www.independent.co.uk/news/uk...e-8760134.html
3) http://www.theguardian.com/money/201...rtgages-return
4) http://www.dailymail.co.uk/money/mor...al-crisis.html

I'd say that's a good coverage of the political left, right and centre .
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Old Aug 26th 2013, 5:25 am
  #51  
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Default Re: 20% deposit needed to buy a house from oct

I'd say that's a good coverage of the political left, right and centre
Covered all the bases
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Old Aug 26th 2013, 5:40 am
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Default Re: 20% deposit needed to buy a house from oct

bnz chief economist today on how house prices in nz will keep rising till 2017

http://www.interest.co.nz/property/6...ices-will-rise
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Old Aug 26th 2013, 5:40 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by davros1984 View Post
For those who have commented on a possible return to the UK i.e. shocked kiwi - it appears it has begun:

1)http://www.telegraph.co.uk/finance/p...me-to-buy.html
2) http://www.independent.co.uk/news/uk...e-8760134.html
3) http://www.theguardian.com/money/201...rtgages-return
4) http://www.dailymail.co.uk/money/mor...al-crisis.html

I'd say that's a good coverage of the political left, right and centre .
oh no!

Last edited by shocked kiwi; Aug 26th 2013 at 5:48 am.
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Old Aug 26th 2013, 6:02 am
  #54  
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Default Re: 20% deposit needed to buy a house from oct

So now its a case of, bollocks - what to do. Do we move home in the next few months and risk it or just try and ignore it and hope all will be right sometime next year or the year after. Hmm.
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Old Aug 26th 2013, 7:00 am
  #55  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by davros1984 View Post
So now its a case of, bollocks - what to do. Do we move home in the next few months and risk it or just try and ignore it and hope all will be right sometime next year or the year after. Hmm.
Hi davros,

As you know I've not long been in NZ even though it feels like years already

I have owned my own properties for 22 years god am I that old in England. I honestly think it will take a lot longer than a few months for the property market to rise in England. Hubby and I look at property every other night to keep check on prices etc. we are going home next year but not to our house as we have great tenants in and the mortgage is being paid. We are looking for another home. If hubby isn't panicking then I'm not. He has been in the property game for along time now.

But I suppose we are looking in the north area and not the south. Panic buying would push up the prices as it has done here. North is always behind the souths trends.
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Old Aug 26th 2013, 7:24 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by davros1984 View Post
Great first post Dominic. You are right, if you have an aim of being a homeowner or any of that family/setting stuff (as well as needing to work) - NZ really isn't the place to be anymore. Sure- there will be the odd exception, i.e. you can get a job somewhere like Invercargill or the west coast where property is still affordable. But in reality, if you are skilled - 95% of people will end up in Auckland or WLG (or perhaps CHCH). In those areas its just too much. As you say, the country has already made the decision for many of us.

Can you further elaborate on your findings with regards to Melbourne?
Thanks Davros.

Well what I've found out is that I would be able to afford to buy a house in Melbourne based on my salary. To be honest that's my main criteria.

The one question that I can't seem to ever get an answer to is this; what do Kiwi's without a bought house do when they come to retirement age ? Will I be able to afford to live on my kiwisaver pension when I'm retired & what state assistance would I get ?
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Old Aug 26th 2013, 7:39 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by davros1984 View Post
For those who have commented on a possible return to the UK i.e. shocked kiwi - it appears it has begun:

1)http://www.telegraph.co.uk/finance/p...me-to-buy.html
2) http://www.independent.co.uk/news/uk...e-8760134.html
3) http://www.theguardian.com/money/201...rtgages-return
4) http://www.dailymail.co.uk/money/mor...al-crisis.html

I'd say that's a good coverage of the political left, right and centre .

Hey I'm no economist but common sense tells me that if house prices get out of hand everywhere then we are headed for another GFC even worse than the first. I keep reading predictions from so-called experts in business who all have different views. Why is the world so complicated? To earn a decent wage and be able to live in your own home in an area not racked with crime is not that much to ask of a decent society is it?
Any ideas economists out there?
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Old Aug 26th 2013, 7:40 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Dominic_Oldman View Post
Thanks Davros.

Well what I've found out is that I would be able to afford to buy a house in Melbourne based on my salary. To be honest that's my main criteria.

The one question that I can't seem to ever get an answer to is this; what do Kiwi's without a bought house do when they come to retirement age ? Will I be able to afford to live on my kiwisaver pension when I'm retired & what state assistance would I get ?
well apparently you can't retire and will just have to work until you die - or else become too gaga and end up in a home - that's if there are still state funded old folks homes
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Old Aug 26th 2013, 8:13 am
  #59  
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Default Re: 20% deposit needed to buy a house from oct

I have to say that based on the recent 20% deposit rule we are seriously considering returning too.
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Old Aug 26th 2013, 8:26 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by M_and_M View Post
I have to say that based on the recent 20% deposit rule we are seriously considering returning too.
There may be a chance we all meet on the plane journey home now that would be a laugh
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