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20% deposit needed to buy a house from oct

20% deposit needed to buy a house from oct

Old Jan 13th 2014, 7:12 pm
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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.
Are there any new build areas happening Davros???

I know your all set to go back to the UK but you might want to take a wee look at building your new home. You only need a 10% deposit for that, some actually want 5. Newbuild.co.nz and newzealandhomeloans I think are worth looking into.

But it must be a cnostruction loan etc, the reserve bank weren't so clear when saying it ruled out new builds in the 20% zone.

It's the only way forward for us.
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Old Jan 13th 2014, 7:35 pm
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Default Re: 20% deposit needed to buy a house from oct

I agree with you Tom. I think you should make the move now before the section prices go up. At least then you can have your own design and exactly what you want. It may be stressful but it will be worth it.
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Old Jan 13th 2014, 7:45 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Assanah
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.
Absolutely spot on. If the houses were well built, worth it and not 3rd world, I might consider it.

Originally Posted by pippalonghorn
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.

The few cheaper homes we have found and rushed out to look at usually end up selling for double the asking price

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.
Same experience for me Pip. Uh-oh, sounds like your house will be going up for sale. A colleague at work was forced to move flat 2 months ago (3rd time in 2013) and he had a letter yesterday telling him that the landlord there wants to sell on and he has to move out. Great life, especially if you're in your 40's.

Originally Posted by Tom1983
Are there any new build areas happening Davros???

I know your all set to go back to the UK but you might want to take a wee look at building your new home. You only need a 10% deposit for that, some actually want 5. Newbuild.co.nz and newzealandhomeloans I think are worth looking into.

But it must be a cnostruction loan etc, the reserve bank weren't so clear when saying it ruled out new builds in the 20% zone.

It's the only way forward for us.
Tom - appreciate the advice. It sounds like the best way, assuming you can find affordable land with a reasonable commute into the city. Really have my fingers crossed for you (can see this has been a struggle for you as well). If we were going to stay, I'd give it serious consideration. But after a long hard think and looking at the quality of life we'd personally have at home, for us going home is now a no-brainer. It is also incredibly daunting but exciting (so much to do)

Last edited by davros1984; Jan 13th 2014 at 7:49 pm.
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Old Jan 13th 2014, 9:50 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by pippalonghorn
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.
So true.
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Old Jan 13th 2014, 10:08 pm
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Default Re: 20% deposit needed to buy a house from oct

pippalonghorn - I'd put money on it that your home is about to go on the market. What sort of lease do you have?
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Old Jan 13th 2014, 10:20 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by bourbon-biscuit
pippalonghorn - I'd put money on it that your home is about to go on the market. What sort of lease do you have?
When we first moved in we signed for a 6 month lease. That's up now. Our agent says they only require 3 weeks notice from us so I suppose it's the same from them too.

At the moment I feel that things have been tough and I'm prepared for them to become tougher. Worrying will not solve the problem. I'll deal with it when it comes.
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Old Jan 13th 2014, 10:54 pm
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Default Re: 20% deposit needed to buy a house from oct

I do agree and empathise, we had the same problem in the UK. Jobs were hard to come by outside of London, yet property was so expensive and unaffordable in London.

The point I was trying to make, which I didn't put across well was that just because Auckland is highly expensive and owning a home being a distant dream for many people, the same cannot be said for many other areas in NZ. I think it's important to allow that point to come across to potential expats looking at moving to NZ.
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Old Jan 13th 2014, 11:05 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Pom_Chch
I do agree and empathise, we had the same problem in the UK. Jobs were hard to come by outside of London, yet property was so expensive and unaffordable in London.

The point I was trying to make, which I didn't put across well was that just because Auckland is highly expensive and owning a home being a distant dream for many people, the same cannot be said for many other areas in NZ. I think it's important to allow that point to come across to potential expats looking at moving to NZ.
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Old Jan 13th 2014, 11:16 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Pom_Chch
I do agree and empathise, we had the same problem in the UK. Jobs were hard to come by outside of London, yet property was so expensive and unaffordable in London.

The point I was trying to make, which I didn't put across well was that just because Auckland is highly expensive and owning a home being a distant dream for many people, the same cannot be said for many other areas in NZ. I think it's important to allow that point to come across to potential expats looking at moving to NZ.
oh yes I agree. Not everyone who moves to New Zealand moves to Auckland.
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Old Jan 14th 2014, 12:58 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Bo-Jangles
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.


There is no need to be rude. Posting something of substance to back your "observation" would have done.

My OH works for B and T so call me biased but I much prefer his facts to your observations.
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Old Jan 14th 2014, 4:22 am
  #131  
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Default Re: 20% deposit needed to buy a house from oct

Had a look at a few sections today, here's a reasonable one I found on the Shore (that provides public transport into the CBD):
http://www.trademe.co.nz/property/re...-663994376.htm

$370K. How much roughly does it cost to build a 3-bed house (one thats made of brick, double glazing and thermal and noise insulation)?
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Old Jan 14th 2014, 5:29 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by Bo-Jangles
From my observations Barfoot and Thompson have to be one of the most down to earth and least 'high end' agents in Auckland.
Originally Posted by Bellasmum
There is no need to be rude. Posting something of substance to back your "observation" would have done.
Strangely , I took the fact that the REA was 'down to earth' to be something of an endorsement.

A RAE willing to do the hard yards & not be 'fussy' or 'selective'.

Ah well. Probably me as always.
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Old Jan 14th 2014, 7:40 am
  #133  
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Default Re: 20% deposit needed to buy a house from oct

Would anyone recommend building a house? After buying a section
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Old Jan 14th 2014, 7:42 am
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by DennisBergkamp
Would anyone recommend building a house? After buying a section
Erm. Seems to happen an awful lot.
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Old Jan 14th 2014, 9:16 pm
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Default Re: 20% deposit needed to buy a house from oct

Originally Posted by DennisBergkamp
Would anyone recommend building a house? After buying a section
YES!

Especially if you haven't got the ridiculous 20% requirement

Plus all new houses must have double glazing, proper insulation and proper heating by law now. So the electrical companies will be a bit less off (oh no what to do shareholders of Meridian?)

Speak to home building companies as they can get the section for you before building commences
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