Help and advice needed from those experienced in NZ life
#1
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Joined: Dec 2009
Posts: 13
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.
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.
#2
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.
If so, what area of NZ.
#3
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Joined: Dec 2009
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Re: Help and advice needed from those experienced in NZ life
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.
#4
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Joined: Jul 2007
Location: bottom of the world
Posts: 4,533
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
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
#5
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Joined: Dec 2009
Posts: 13
Re: Help and advice needed from those experienced in NZ life
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?
#6
Re: 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.
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.
#7
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Joined: Jun 2008
Location: Rural Taranaki
Posts: 320
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
$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 13th 2009 at 11:32 pm.
#8
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Joined: Oct 2002
Posts: 405
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
$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)
Last edited by Black Sheep; Dec 13th 2009 at 11:32 pm.
#9
Enjoying retirement
Joined: Jun 2008
Location: Rural Taranaki
Posts: 320
Re: Help and advice needed from those experienced in NZ life
I think its still pretty thin to support a $260k mortgage and 4 people though
Last edited by NakiMan; Dec 13th 2009 at 11:37 pm.
#10
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Joined: Jul 2007
Location: bottom of the world
Posts: 4,533
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.
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 13th 2009 at 11:59 pm.
#11
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
http://www.trademe.co.nz/browse/cate...rder=price_asc
#12
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
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 3:19 am.
#13
Just Joined
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Joined: Dec 2009
Posts: 13
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.
I'm going to go through it all in detail and I'll post an update later.
#14
Re: Help and advice needed from those experienced in NZ life
Not great but it only gets better...
#15
Re: Help and advice needed from those experienced in NZ life
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......