20% deposit needed to buy a house from oct
Dec 11th 2013, 8:36 pm
#106
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Joined: Jan 2012
Location: St Albans, Christchurch
Posts: 581
Re: 20% deposit needed to buy a house from oct
Tronik, It's not all doom and gloom outside of the big centres. I'm pretty sure there are lots of folks here doing fine, some just have more difficult circumstances.
Dec 11th 2013, 10:27 pm
#107
There is me avatar
Joined: Oct 2003
Location: Below. Somewhere rather noisy.
Posts: 38,053
Re: 20% deposit needed to buy a house from oct
Originally Posted by Tronik
Im a mortgage adviser in the UK. The help to buy schemes are designed for people who are bringing home enough money to support a mortgage but who find it difficult to save up the 10% deposit required. More lenders are releasing 95% products at the moment but in order to qualify for these they want to know your inside leg measurement.
Help to buy 1 is for new build properties. You put 5% deposit down, the government lend you 20% and you get a mortgage for 75%. You don't start paying the government loan back until the 6th year. If you want to sell your property before the 6th year then you can only sell it for 80% of its true value.
Help to buy 2 is for second hand properties so to speak. You put a 5% deposit down and the government guarantee you 15%, they don't actually loan you anything. Its like the old MIG mortgages. The lenders will credit score you at 100% so you do have to be squeaky clean to qualify.
Me and my partner are currently saving up in order to travel New Zealand and find a place we would like to settle. Reading this about the housing situation has put me on a downer. I believe renting property is hard enough if your a pom and it seems the government don't want to help first time buyers, which for expats would be huge.
Oh well. Onwards and upwards with the saving and lets hope things change for the better.
Help to buy 1 is for new build properties. You put 5% deposit down, the government lend you 20% and you get a mortgage for 75%. You don't start paying the government loan back until the 6th year. If you want to sell your property before the 6th year then you can only sell it for 80% of its true value.
Help to buy 2 is for second hand properties so to speak. You put a 5% deposit down and the government guarantee you 15%, they don't actually loan you anything. Its like the old MIG mortgages. The lenders will credit score you at 100% so you do have to be squeaky clean to qualify.
Me and my partner are currently saving up in order to travel New Zealand and find a place we would like to settle. Reading this about the housing situation has put me on a downer. I believe renting property is hard enough if your a pom and it seems the government don't want to help first time buyers, which for expats would be huge.
Oh well. Onwards and upwards with the saving and lets hope things change for the better.
Just save as much as you can and realise that you may have to rent for a while. Property prices all depend on the area you settle in. Pick the area that could suit your budget and needs
Dec 12th 2013, 4:27 am
#108
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Joined: Nov 2007
Posts: 1,967
Re: 20% deposit needed to buy a house from oct
Here's an interesting house (nice toilet!!)
http://www.trademe.co.nz/property/re...-471554450.htm
http://www.trademe.co.nz/property/re...-471554450.htm
Dec 12th 2013, 4:43 am
#109
.
Joined: Jun 2010
Location: Peterborough, Cambridgeshire
Posts: 2,744
Re: 20% deposit needed to buy a house from oct
Very nice house - yes really. I've never seen a toilet like it, but hey. As soon as the current owners had moved all their possessions out it would only need redecorated.
Each to their own.
Oh, btw, I'm in no hurry to move to Bluff.
Each to their own.
Oh, btw, I'm in no hurry to move to Bluff.
Dec 12th 2013, 6:14 am
#110
Lost in BE Cyberspace
Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,223
Re: 20% deposit needed to buy a house from oct
Decorating? Surely not, it has only just recently been 'Magnificently refurbished' 
Dec 12th 2013, 7:24 am
#111
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Joined: Jan 2012
Location: St Albans, Christchurch
Posts: 581
Re: 20% deposit needed to buy a house from oct
Here's an interesting house
Dec 12th 2013, 1:50 pm
#112
Just Joined
Joined: Apr 2013
Location: Higherford
Posts: 9
Re: 20% deposit needed to buy a house from oct
I may have to take a trip there for a tarot card reading. 
Dec 12th 2013, 3:43 pm
#113
Queen of the Underworld
Joined: Dec 2007
Location: In NZ!
Posts: 4,785
Re: 20% deposit needed to buy a house from oct
And what's going on in that second bedroom? Poor workmanship, subsidence or just pure whimsy?
Jan 13th 2014, 7:00 am
#114
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Joined: Nov 2010
Location: Was Auckland-NZ, Now Wales
Posts: 685
Re: 20% deposit needed to buy a house from oct
still the madness carries on:
http://www.stuff.co.nz/business/mone...d-house-prices
will the last kiwi or brit who has to earn their own way in life, please turn the lights out.
http://www.stuff.co.nz/business/mone...d-house-prices
will the last kiwi or brit who has to earn their own way in life, please turn the lights out.
Last edited by davros1984; Jan 13th 2014 at 7:31 am.
Jan 13th 2014, 7:52 am
#115
She'll be right
Joined: Sep 2012
Location: Near the beach, NZ
Posts: 1,495
Re: 20% deposit needed to buy a house from oct
Originally Posted by davros1984
still the madness carries on:
http://www.stuff.co.nz/business/mone...d-house-prices
will the last kiwi or brit who has to earn their own way in life, please turn the lights out.
http://www.stuff.co.nz/business/mone...d-house-prices
will the last kiwi or brit who has to earn their own way in life, please turn the lights out.
Jan 13th 2014, 8:12 am
#116
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Joined: Jul 2007
Posts: 1,008
Re: 20% deposit needed to buy a house from oct
Originally Posted by davros1984
still the madness carries on:
http://www.stuff.co.nz/business/mone...d-house-prices
will the last kiwi or brit who has to earn their own way in life, please turn the lights out.
http://www.stuff.co.nz/business/mone...d-house-prices
will the last kiwi or brit who has to earn their own way in life, please turn the lights out.
That'a bit misleading Davros. The article only relates to one real estate company in Auckland. B and T tend to deal in high end properties.
Jan 13th 2014, 10:13 am
#117
Lost in BE Cyberspace
Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,223
Re: 20% deposit needed to buy a house from oct
Oh give over, the one real estate agent that sells approximate1y 1:3 of very property sold in Auckland; so we're talking about a substantial sample of the market.
From my observations Barfoot and Thompson have to be one of the most down to earth and least 'high end' agents in Auckland.
From my observations Barfoot and Thompson have to be one of the most down to earth and least 'high end' agents in Auckland.
Jan 13th 2014, 11:27 am
#118
Forum Regular
Joined: Jul 2013
Location: Central Surburbs, Auckland
Posts: 111
Re: 20% deposit needed to buy a house from oct
Originally Posted by davros1984
still the madness carries on:
http://www.stuff.co.nz/business/mone...d-house-prices
will the last kiwi or brit who has to earn their own way in life, please turn the lights out.
http://www.stuff.co.nz/business/mone...d-house-prices
will the last kiwi or brit who has to earn their own way in life, please turn the lights out.
Housing near the centre of the major city costs a lot and likelihood to increase if demand is there.. not exactly unique to NZ..
Jan 13th 2014, 12:53 pm
#119
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Joined: Jan 2010
Location: In the middle of the continent
Posts: 2,286
Re: 20% deposit needed to buy a house from oct
Paying a lot for houses in major cities with an exciting city life, many opportunities and interesting people is not unique.. But paying a lot for a shitty 3rd world house in an over expensive, congested, and boring city is uniquely NZ.
Jan 13th 2014, 6:47 pm
#120
Looking for my marbles.
Joined: Jul 2013
Location: durham, durham, England
Posts: 730
Re: 20% deposit needed to buy a house from oct
The types of house we could afford are not worth half of the asking price. 
It's easy to tell people to move out of the city but if that is where your job is it's not that easy. Hubby has searched everywhere for another job and has had no success. He has a 45 min commute anyway and does not fancy adding to it. The roads are at a standstill when he comes home.
The few cheaper homes we have found and rushed out to look at usually end up selling for double the asking price or they are lease hold. Wouldn't touch lease hold with a very long stick with another persons stick attached to it.
I think it depends on where one was born. If we had been born in the south of England, we may have made more money in property which would enable us to invest more in property here. But we are from the north east where property prices are low. We saved for years to come here. It makes it very hard to watch your savings go down the pan whilst knowing you just can't afford property here. Lining someone else's pockets with rent money isn't ideal for us. Just the way we were brought up.
Our flat is being re-valued this Thursday. It is getting an outside face lift too. Something's going on here either our landlord is cashing in and selling up or our rent is increasing. 
It's easy to tell people to move out of the city but if that is where your job is it's not that easy. Hubby has searched everywhere for another job and has had no success. He has a 45 min commute anyway and does not fancy adding to it. The roads are at a standstill when he comes home.
The few cheaper homes we have found and rushed out to look at usually end up selling for double the asking price or they are lease hold. Wouldn't touch lease hold with a very long stick with another persons stick attached to it.
I think it depends on where one was born. If we had been born in the south of England, we may have made more money in property which would enable us to invest more in property here. But we are from the north east where property prices are low. We saved for years to come here. It makes it very hard to watch your savings go down the pan whilst knowing you just can't afford property here. Lining someone else's pockets with rent money isn't ideal for us. Just the way we were brought up.
Our flat is being re-valued this Thursday. It is getting an outside face lift too. Something's going on here
either our landlord is cashing in and selling up or our rent is increasing.
