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Help and advice needed from those experienced in NZ life

Help and advice needed from those experienced in NZ life

Old Dec 13th 2009, 9:37 pm
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Default 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.
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Old Dec 13th 2009, 9:39 pm
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Default 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.
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Old Dec 13th 2009, 9:44 pm
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Default Re: Help and advice needed from those experienced in NZ life

Originally Posted by BEVS View Post
Do you mean an NZ property value of $200K please?

If so, what area of NZ.
Hi, yes $200k NZ dollars. I'm not sure which area, It depends on where I find work. I have been scanning NZ property generally, and I think that's probably the price bracket I'm looking at. I know its very vague but I'm just in the early stages of my property research.
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Old Dec 13th 2009, 10:16 pm
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Default 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
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Old Dec 13th 2009, 10:33 pm
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Default Re: Help and advice needed from those experienced in NZ life

Originally Posted by colandros View Post
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.
Is $300k is the OK price range in NZ? With a $40k deposit that would leave me with a $260k mortgage and repayments of $2006 per month. That would leave £2160 per month for a family of 4 to live off. Would that be enough for the average family of 4 in NZ?
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Old Dec 13th 2009, 10:51 pm
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Default Re: Help and advice needed from those experienced in NZ life

Originally Posted by pacifica3000 View Post
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.
Kate earns around $63k plus a year and she clears $3864 per 4 weeks. You do not appear to have taken off your NZ tax burden from your figures. TBH I think on a salary of around $50k you will struggle for a family of 4 servicing a $260k mortgage. What does anyone else think?
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Old Dec 14th 2009, 12:23 am
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Default 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

Last edited by NakiMan; Dec 14th 2009 at 12:32 am.
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Old Dec 14th 2009, 12:28 am
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Default Re: Help and advice needed from those experienced in NZ life

Originally Posted by NakiMan View Post
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
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)

Last edited by Black Sheep; Dec 14th 2009 at 12:32 am.
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Old Dec 14th 2009, 12:34 am
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Default Re: Help and advice needed from those experienced in NZ life

Originally Posted by Black Sheep View Post
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)
You're quite right of course, thanks for that.

I think its still pretty thin to support a $260k mortgage and 4 people though

Last edited by NakiMan; Dec 14th 2009 at 12:37 am.
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Old Dec 14th 2009, 12:54 am
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Default 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.

Last edited by Justcol; Dec 14th 2009 at 12:59 am.
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Old Dec 14th 2009, 1:06 am
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Default 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
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Old Dec 14th 2009, 4:16 am
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Default 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

Last edited by mickey_d; Dec 14th 2009 at 4:19 am.
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Old Dec 14th 2009, 7:11 am
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Talking Re: Help and advice needed from those experienced in NZ life

wow, thanks for all the advice.
I'm going to go through it all in detail and I'll post an update later.
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Old Dec 14th 2009, 7:17 am
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Default Re: Help and advice needed from those experienced in NZ life

Originally Posted by mickey_d View Post
That would leave you with $228 a week for shopping & anything else!!!!!
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...
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Old Dec 14th 2009, 10:29 am
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Default Re: Help and advice needed from those experienced in NZ life

Originally Posted by Matewx View Post
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...
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 + uniforms, books etc, etc..
Also, Doctors, Dentist, Opticians, Car Tax, Wof, Heating fuel etc......
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