Help and advice needed from those experienced in NZ life
I've done a few basic calculations and I was wondering if anyone could let me me know whether or not I'm in the right ball park.
Annual earnings $50,000 / 12 = Monthly pay $4166 (gross) Property Value = £200,000 Deposit = $40,000 Mortgage = $160,000 Interest = 8% Loan length = 25y Monthly repayment = $1234.91 Monthly pay-mortgage repayment = $2931.09 I understand I have not included tax (if anyone wants to help me out on this I would welcome it) but is $2931.09 a figure a family of 4 can live off in NZ? Would I be able to afford to run a car and do a decent monthly shop, or is this amount not enough to support a family? Any advice would be greatly received. |
Re: Help and advice needed from those experienced in NZ life
Do you mean an NZ property value of $200K please?
If so, what area of NZ. |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by BEVS
(Post 8169629)
Do you mean an NZ property value of $200K please?
If so, what area of NZ. |
Re: Help and advice needed from those experienced in NZ life
Your mortgage repayments could be lower as you can make repayments
fortnightly which reduces the amount of interest on the loan by quite a lot. If you find a place for $200k there will be a reason why its that price IT will either be tiny, poor quality, in the middle of nowhere (literally) or in an area you you wouldnt want to live. I've heard of houses next to mongrel mod party houses selling for more than that. I can only speak for the areas i know about so i could and hope i am wrong Have a look on trade me to get an idea of whats available for $200k. just select all regions and it will seach the whole country |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by colandros
(Post 8169682)
If you find a place for $200k there will be a reason why its that price
IT will either be tiny, poor quality, in the middle of nowhere (literally) or in an area you you wouldnt want to live. |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by pacifica3000
(Post 8169625)
I've done a few basic calculations and I was wondering if anyone could let me me know whether or not I'm in the right ball park.
Annual earnings $50,000 / 12 = Monthly pay $4166 (gross) Property Value = £200,000 Deposit = $40,000 Mortgage = $160,000 Interest = 8% Loan length = 25y Monthly repayment = $1234.91 Monthly pay-mortgage repayment = $2931.09 I understand I have not included tax (if anyone wants to help me out on this I would welcome it) but is $2931.09 a figure a family of 4 can live off in NZ? Would I be able to afford to run a car and do a decent monthly shop, or is this amount not enough to support a family? Any advice would be greatly received. |
Re: Help and advice needed from those experienced in NZ life
On a $50000 income, in 2009-10 you will pay income tax as follows
$14000 @ 12.5% = 1750 $34000 @ 21% = 7140 2000 @ 33% = 660 Income tax total = 9550 ACC Levy 1.7% of total income = 850 Total Deductions $10400 Net Income 50000 - 10400 = 39600 or $3300 per month Hope this helps Please note -- These numbers are based on my understanding of the NZ tax system and are not intended to be taken as definitive advice |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by NakiMan
(Post 8169855)
On a $50000 income, in 2009-10 you will pay income tax as follows
$14000 @ 12.5% = 1750 $34000 @ 21% = 7140 2000 @ 33% = 660 Income tax total = 9550 ACC Levy 1.7% of total income = 850 Total Deductions $10400 Net Income 50000 - 10400 = 39600 or $3300 per month Hope this helps $39,600 after income tax PLUS $8060 WFF Total $47,660 NET INCOME ($3,971.66 per month) |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by Black Sheep
(Post 8169867)
Yes, but you've forgotten Working For Families. If his two children are under 12, net income will be
$39,600 after income tax PLUS $8060 WFF Total $47,660 NET INCOME ($3,971.66 per month) I think its still pretty thin to support a $260k mortgage and 4 people though |
Re: Help and advice needed from those experienced in NZ life
with the houses you have to remember that we all have different standards.
Some on here may think my place is a palace while others my think its a hole. heres what $250k might get you in hamilton some subburbs are not very nice (fairfield,nawton initially spring to mind) but again its down to personal preferances. http://www.trademe.co.nz/Browse/Cate...0000&49=250000 personally i dont agree with migrants coming in to any country and claiming benefits straight away. I know sometimes shit happens after a move but to go to a place knowing you will be reliant on benefits and handouts is not on. If you cant afford to support yourself and your family in the country you want to move to you shouldnt go. |
Re: Help and advice needed from those experienced in NZ life
A selection of what's available in Waimakariri (commutable to Christchurch) up to $250k
http://www.trademe.co.nz/browse/cate...rder=price_asc |
Re: Help and advice needed from those experienced in NZ life
We've lived off OH's 72k salary since end of June, with a 230k mortgage & i have to say it has been very tough.
Based on that $3971 figure with a 260k mortgage I would say you would struggle big time!! Add to that $2006 our compulsory bill totals for the month:- $750 - Electricity, Phone, Internet, TV, Insurances & Council Tax. $300 Petrol That would leave you with $228 a week for shopping & anything else!!!!! Not Good:thumbdown: |
Re: Help and advice needed from those experienced in NZ life
wow, thanks for all the advice. :thumbup:
I'm going to go through it all in detail and I'll post an update later. |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by mickey_d
(Post 8170173)
That would leave you with $228 a week for shopping & anything else!!!!!
Not great but it only gets better... |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by Matewx
(Post 8170578)
I dont earn as much and dont have as much outgoings.... BUT 250/300 is roughly what we have to play with...
Not great but it only gets better... Bit tougher for family of 4. Also you have to allow for school fees which seem to appear all year round, think ours have come to about $600 not including the donation:eek: + uniforms, books etc, etc.. Also, Doctors, Dentist, Opticians, Car Tax, Wof, Heating fuel etc......:blink: |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by mickey_d
(Post 8170936)
That's just for 2 of you though, isn't it?
Bit tougher for family of 4. Also you have to allow for school fees which seem to appear all year round, think ours have come to about $600 not including the donation:eek: + uniforms, books etc, etc.. Also, Doctors, Dentist, Opticians, Car Tax, Wof, Heating fuel etc......:blink: Anyway - we agree it'shard!! |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by Matewx
(Post 8173039)
True only 2 of us... Should have read ur post better...
Anyway - we agree it'shard!! Just had an extra bill come through today for a metal/art project my son did, which consists of a 100x100x25mm piece of wood, 3 setscrews, 4 short lengths of threaded studding & 3 short lengths of round bar. The result is good, but they want $50 to pay for the materials:ohmy: Will take a piccy of the item when I can find my camera, I think it's great!!! |
Re: Help and advice needed from those experienced in NZ life
Going off topic a bit but a friend of mine just had to fork out $110 for a school trip. They said it wasn't compulsory to go, but it was really as it was a class school field trip.
|
Re: Help and advice needed from those experienced in NZ life
Originally Posted by Black Sheep
(Post 8169867)
Yes, but you've forgotten Working For Families. If his two children are under 12, net income will be
$39,600 after income tax PLUS $8060 WFF Total $47,660 NET INCOME ($3,971.66 per month) Phyl x |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by weejie
(Post 8173205)
WFF not a definite......we do not get it as we have some money in the bank. I am a nurse earning $38k ( work 32 hrs per week ) and my OH has no job,but we still do not qualify as we have savings......which are dwindling fast with 2 boys aged 9 and 7.:thumbdown:
Phyl x There are some on here who have substantial savings & still get it. |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by mickey_d
(Post 8173378)
Thought it was totally income based, it doesn't take savings into account on any of the calculators or literature.
There are some on here who have substantial savings & still get it. If it is, they keep it REALLY quiet. Anyone know for certain? |
Re: Help and advice needed from those experienced in NZ life
Originally Posted by NakiMan
(Post 8175396)
Think I have to agree with you there. I've been right through the website and cant find anything about WFF being dependent on savings.
If it is, they keep it REALLY quiet. Anyone know for certain? Note that you have to 'register' for WFF: http://www.ird.govt.nz/online-servic...fftc-2010.html If I was you, I'd phone them up ASAP to explain my situation and clarify things - if you are eligible for WFF it may be possible, if you've been misinformed and have missed WFF payments because of it for instance, for you to get some or all of the payments you've missed. When you register for WFF, you can opt to receive it weekly, fortnightly, or all in one lump sum at the end of the tax year. So certainly if you're entitled to it, once you register for it you could start receiving it in your bank account immediately. (By my calculations, on a $38K salary and with 2 children under 12, you're entitled to............ $201 PER WEEK!! That's $871 per month, $10,452 per year. That's a hell of a lot of money to be missing out on. Best you get on the phone right now!! WFF calculator here: https://interact2.ird.govt.nz/forms/famcalc2009/ ) EDIT - I've just seen that you are only recently arrived in NZ. According to the WFF ( http://www.ird.govt.nz/wff-tax-credi...s/eligibility/ ): You must meet at least one of the following residency requirements: * You are both a New Zealand resident and a New Zealand tax resident and have been in New Zealand continuously for at least 12 months at any time. * You are caring for a child who is both present and resident in New Zealand. |
Re: Help and advice needed from those experienced in NZ life
i have to say that at 50K a year.. and $260K loan.. you will struggle.. and hard.. life will be at a bare min.
its do able in the short term.. but not going to be much fun if thats your life i suspect you will have to rent.. might not be much difference in the rent v loan.. but the standard of housing will be much better. I must admit.. i struggle to work out how the average paid kiwi family who is buying a house now ( not the ones who have hit the housing escalator) survive. We are a family of 4 ( soon to be 5!) and the family income is more than double that and while we are nice and happy.. we're still not in the traveling by business class style of living ( couldnt bring myself to pay the price!:eek:) |
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