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20% deposit needed to buy a house from oct

20% deposit needed to buy a house from oct

Old Dec 11th 2013, 9:36 pm
  #106  
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Default 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.
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Old Dec 11th 2013, 11:27 pm
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Default 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.

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
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Old Dec 12th 2013, 5:27 am
  #108  
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Default 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
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Old Dec 12th 2013, 5:43 am
  #109  
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Default 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.
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Old Dec 12th 2013, 7:14 am
  #110  
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Default Re: 20% deposit needed to buy a house from oct

Decorating? Surely not, it has only just recently been 'Magnificently refurbished'
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Old Dec 12th 2013, 8:24 am
  #111  
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Default Re: 20% deposit needed to buy a house from oct

Here's an interesting house
Got to be a swingers club
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Old Dec 12th 2013, 2:50 pm
  #112  
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Default Re: 20% deposit needed to buy a house from oct

I may have to take a trip there for a tarot card reading.
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Old Dec 12th 2013, 4:43 pm
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Default 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?
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Old Jan 13th 2014, 8:00 am
  #114  
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Default 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.

Last edited by davros1984; Jan 13th 2014 at 8:31 am.
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Old Jan 13th 2014, 8:52 am
  #115  
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Default 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.
Owning a house can still be done in NZ, just get out of Auckland
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Old Jan 13th 2014, 9:12 am
  #116  
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Default 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.
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.
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Old Jan 13th 2014, 11:13 am
  #117  
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Default 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.
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Old Jan 13th 2014, 12:27 pm
  #118  
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Default 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.
Really? biggest city in the country has increasing and overloaded demand for housing, prices only move upwards if people want to live there?... Some of the comments on the link are hilarious, basically equivalent of "if I moved my house from Hull to Kensington/ Belgravia it would be worth loads more..."

Housing near the centre of the major city costs a lot and likelihood to increase if demand is there.. not exactly unique to NZ..
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Old Jan 13th 2014, 1:53 pm
  #119  
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Default 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.
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Old Jan 13th 2014, 7:47 pm
  #120  
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Default 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.
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