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Buying a house - downpayment

Buying a house - downpayment

Old Oct 2nd 2006, 10:56 am
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Default Buying a house - downpayment

Please tell me there isnt a 35% downpayment when you buy a house in NZ as the Outbound Publishing newspaper article suggests??

to quote them:

So in a nutshell what shoul dyou budget for when emigrating?

1. Finalisiing your UK affairs
2. The 35per cent downpayment for your home, if applicable, plus NZ$2,500 incidentals;
3. Shipping etc etc
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Old Oct 2nd 2006, 6:51 pm
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Default Re: Buying a house - downpayment

Nah! 10% is standard but of course if you do have 35% you're laughing
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Old Oct 2nd 2006, 7:00 pm
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Default Re: Buying a house - downpayment

Originally Posted by Batty
Nah! 10% is standard but of course if you do have 35% you're laughing
35%? in my dreams!!!
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Old Oct 2nd 2006, 7:32 pm
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Default Re: Buying a house - downpayment

Originally Posted by dreamfish
Please tell me there isnt a 35% downpayment when you buy a house in NZ as the Outbound Publishing newspaper article suggests??

to quote them:

So in a nutshell what shoul dyou budget for when emigrating?



Absolute rubbish! 10%, sometimes 5%, sometimes less if buying from a developer on a new sub-division.
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Old Oct 2nd 2006, 9:27 pm
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Default Re: Buying a house - downpayment

Originally Posted by dreamfish
Please tell me there isnt a 35% downpayment when you buy a house in NZ as the Outbound Publishing newspaper article suggests??

to quote them:

So in a nutshell what shoul dyou budget for when emigrating?



If your deposit is less that 20% you pay a "low equity risk" fee, this is added to your mortgage, so no real cashflow issues, but something to be aware of. This is one of the elements, together with waiving loan establishment fees and contributions to lawyers costs that you can negotiate with a bank for them to sweeten the deal and make you take out a loan with them.

but it is relatively easy to get a 90 or 95% loan.
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Old Oct 2nd 2006, 9:47 pm
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Default Re: Buying a house - downpayment

[QUOTE=dreamfish]Please tell me there isnt a 35% downpayment when you buy a house in NZ as the Outbound Publishing newspaper article suggests??


We were offered 95% mortgage with National Bank.
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