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20% deposit needed to buy a house from oct

20% deposit needed to buy a house from oct

Old Aug 26th 2013, 8:33 am
  #61  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Dominic_Oldman View Post

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 ?
There is a means tested accommodation supplement you can get to cover rent etc.

Last edited by jmh; Aug 26th 2013 at 8:37 am.
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Old Aug 26th 2013, 8:34 am
  #62  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by pippalonghorn View Post
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.
Thanks pippalonghorn! OK - you're a bit older than me (sorry) - so I appreciate the input. Have enjoyed reading your posts and I think there's now a group of us here who know the potential here, but the reality at times is pretty painful. Certainly at times your posts have given me belief and strength.

My plan will be to move up-North somewhere, probably the north midlands. Houses are significantly cheaper there. I've seen cracking 3-bed semi-detached for first time buyers with potential and size for family for around 120-130K GBP. I am just worried that by the time I make it back (preferably late 2014/early 2015) they will be closer to the 200K mark. A mortgage of any bigger than 150K is too much of a risk in the field of IT (from my perspective).

I'm originally from Cornwall, but I know in my field of work I cannot return there anytime in the short-medium term (sad really).

Anyway - let me know your plans and how you get on.

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 ?
Can I ask how much more "affordable" it is there? I'm curious. My Australian friends from Melbourne and Sydney are shocked by the prices here each time they come over.

In answer to your question, I tend to say its classic Kiwi syndrome: a bit like their driving in that they don't see signs or anything till its at the end of their bonnet. In general they don't seem to think ahead too much, a bit like the harbour crossing so I guess they probably don't think of it as an issue. Certainly I know I couldn't survive here without an investment of the sorts as the pension is like $500 a month.

Originally Posted by shocked kiwi View Post
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?
I completely agree with you. Personally even though it was a poor film (the idea was great) - Elysium in my opinion paints our future. Where a select few have houses and the rest of us can't afford much at all ,especially our own houses. I have no idea why the world has become so complicated, my simple honest opinion is that the values of Thatcherism and Americasm have taken over and people no longer have much care for others - certainly in terms of ethics, fairness and morals. I miss the old British system where things had to be done in a particular way, usually correctly and fairly or at least based on principles and decency (i.e. you wouldn't shoot someone in the back or when they're naked!)

So my plan is to build up as good a deposit as possible and buy a house that I can live in for as many years as possible that doesn't cost a bomb, i.e. my mortgage will never be bigger than 100-110K GBP.

The tough things for me and my partner right now is that we're in great jobs that pay well and we can save really well - i.e. after rent, bills and everything, we can save a serious amount of cash a month (of course no chance of buying a house in Auckland) - but it seems to make sense to keep doing that and then go home with a very healthy deposit so that I can achieve what I said just a moment ago. At the same time being in that sort of position you really don't want to go home as in theory its a strong position, right? To contrast it again.... I work a lot, typically I leave the house at 7am and get home around 6:30pm. Twice a week I take a longer lunch so that I can go to the gym and vent as such. Plus in my job I tend to work a lot of evenings and weekends when we "patch". So my life here is very much work, with lots of rugby on the TV and the odd stroll on the beach. Certainly I work more hours here than I did at home.

Last edited by davros1984; Aug 26th 2013 at 9:16 am.
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Old Aug 26th 2013, 11:49 am
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Default Re: 20% deposit needed to buy a house from oct

The bubble is about to burst.
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Old Aug 26th 2013, 11:54 am
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Default Re: 20% deposit needed to buy a house from oct

I've been watching the housing market closely for the last 2 months. The last week has seen a major change. They're publishing prices. Houses are not reaching reserve. The boom is slowing. About ****ing time!!!!
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Old Aug 26th 2013, 9:58 pm
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Default Re: 20% deposit needed to buy a house from oct

I think the world has changed because of a simple fact.... And that's greed. The rich are greedy which makes them more rich and the poor are forgotten about. No one cares anymore. It's everyone for themselves at the top.
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Old Aug 27th 2013, 10:07 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by marblep View Post
I've been watching the housing market closely for the last 2 months. The last week has seen a major change. They're publishing prices. Houses are not reaching reserve. The boom is slowing. About ****ing time!!!!
Two friggin months? I have been watching it for 10 years and its only gone one way despite the common sense indicators and the worst global financial depression in living memory.

Until the real issues of negative gearing / land release / restrictions on planning / capital gains tax on investment properties are dealt with there will not be a major down turn. No one wants to address negative gearing and capital gains tax because the people that could do something about it have large investment portfolios. So they blame Johnny foreigner instead, damn fine job they are doing too old chap....what.


Last edited by Dumbo; Aug 27th 2013 at 11:49 am.
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Old Aug 27th 2013, 10:07 am
  #67  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by pippalonghorn View Post
I think the world has changed because of a simple fact.... And that's greed. The rich are greedy which makes them more rich and the poor are forgotten about. No one cares anymore. It's everyone for themselves at the top.
^^^^^^This with bells on.
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Old Aug 27th 2013, 11:20 am
  #68  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Dumbo View Post
^^^^^^This with bells on.
Hope you're paying your taxes to help the poor while you're coining it off the sweat of the poor workers in sunny Dubai, a place built on the greed of the rich (like you??) ....
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Old Aug 27th 2013, 11:23 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Woodlea View Post
Hope you're paying your taxes to help the poor while you're coining it off the sweat of the poor workers in sunny Dubai, a place built on the greed of the rich (like you??) ....


I have always paid the appropriate taxes wherever I have lived. I have no tricks to avoid paying taxes. What a disgraceful accusation.

Last edited by Dumbo; Aug 27th 2013 at 11:48 am.
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Old Aug 27th 2013, 4:28 pm
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Default Re: 20% deposit needed to buy a house from oct

Hi all,
I posted a comment on this thread over a week ago about my concerns and realisation that financial suicide awaited with a move to NZ- certainly from doing my own research and from your informative comments.

I ve kind of made up my mind to stay put for a good while atleast. We ve just came back from the Lake District and it is so close that a lot of the outdoor stuff is here if we really want it. I live 7 miles outside Newcastle Upon Tyne in a semi-rural area and it is a leafy, lovely place to be. Our house is an old miners, stone build with plenty of charm and even though we d like more space it has everything we need. (It s a mini palace compared to some NZ homes.)

Thanks for the advice and comments. I knew the £50k would just be an amount to get us there and sorted for 6 months but what more can your average family hope for when relocating?

Anyone looking to relocate back to the UK I can recommend Cumbria or Northumberland as great places to live with relatively cheap house prices. The North East has great universities and a decent business reputation.

Just to compare my mate is paying off his mortgage next month, aged 38! He has no kids and lives in a modest but modern 2 bed bungalow with great gardens. He has an average job, with his missus, and they have been paying £1200 p.m (double the asked amount) and have still been travelling to lots of places in Europe, went to Wimbledon this year and tend to lead a sporty, healthy outdoor life (if not too healthy for me!) I presume this would be unheard of in NZ!?

I ve always thought " So, if you had little money- each month virtually all going on outgoings. Where would you rather live?"

I probably don't know enough to say NZ, but I d like too.

What about you?

Best wishes to you all.
Stu
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Old Aug 27th 2013, 8:53 pm
  #71  
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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 always thought " So, if you had little money- each month virtually all going on outgoings. Where would you rather live?"
Europe of course.
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Old Aug 27th 2013, 8:53 pm
  #72  
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Default Re: 20% deposit needed to buy a house from oct

Stu,

That's far to intelligent and well thought out ! Get some beers in and reconsider your options !! Then stick your head up your backside and make plans to emigrate.

Glad you can appreciate what's already on your doorstep, many can't.

If that makes me a hyprocrite, so be it. I'm only here to humour my kiwi husband.
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Old Aug 27th 2013, 10:38 pm
  #73  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Snap Shot View Post
Stu,

That's far to intelligent and well thought out ! Get some beers in and reconsider your options !! Then stick your head up your backside and make plans to emigrate.

Glad you can appreciate what's already on your doorstep, many can't.

If that makes me a hyprocrite, so be it. I'm only here to humour my kiwi husband.
hang on in there snap shot.
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Old Aug 27th 2013, 10:56 pm
  #74  
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Default Re: 20% deposit needed to buy a house from oct

No one wants to address negative gearing and capital gains tax because the people that could do something about it have large investment portfolios. So they blame Johnny foreigner instead, damn fine job they are doing too old chap....what.
There's the dirty little truth nobody dare speak, spot on in my opinion.
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Old Aug 28th 2013, 4:25 am
  #75  
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Dumbo View Post
Until the real issues of negative gearing / land release / restrictions on planning / capital gains tax on investment properties are dealt with there will not be a major down turn. No one wants to address negative gearing and capital gains tax because the people that could do something about it have large investment portfolios. So they blame Johnny foreigner instead, damn fine job they are doing too old chap....what.

Yeah. The answer is staring the NZ government in the face. Apparently GST won't be introduced (that's easy, just give it another name) it's part of the covenant, or something.

Just keep blaming the foreigner or, 'Asians' as they are know in Auckland. Closely followed by Indians and South Africans.

If it makes financial sense for a foreign investor to spend big on property in Auckland etc then the NZ governement just rubs it's hands together and says, 'more please'. Eh Mr Key ?
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