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how much are mortgages?

how much are mortgages?

Old Oct 7th 2008, 11:59 pm
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Default how much are mortgages?

Could anyone let me know how much in $$$'s does someone pay per month for how much -$$$,$$$'s of mortgage.
Perhaps someone could also let me know what percentage of weekly income is spent on housing (be it rental or buying).
I know I'm pushing my luck here,...but how far away can you get from Auckland (Northwards), to live, and still be able to work in the area classed as North Auckland within say a 15-30 minute drive.
Looking forward to hearing from you all
Kind regards
Nick
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Old Oct 8th 2008, 12:05 am
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Default Re: how much are mortgages?

Originally Posted by Riverside View Post
Could anyone let me know how much in $$$'s does someone pay per month for how much -$$$,$$$'s of mortgage.
Perhaps someone could also let me know what percentage of weekly income is spent on housing (be it rental or buying).
I know I'm pushing my luck here,...but how far away can you get from Auckland (Northwards), to live, and still be able to work in the area classed as North Auckland within say a 15-30 minute drive.
Looking forward to hearing from you all
Kind regards
Nick
My $230K mortgage is just over $416 per week with Kiwibank...
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Old Oct 8th 2008, 5:03 am
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Default Re: how much are mortgages?

Originally Posted by Riverside View Post
Could anyone let me know how much in $$$'s does someone pay per month for how much -$$$,$$$'s of mortgage.
Perhaps someone could also let me know what percentage of weekly income is spent on housing (be it rental or buying).
I know I'm pushing my luck here,...but how far away can you get from Auckland (Northwards), to live, and still be able to work in the area classed as North Auckland within say a 15-30 minute drive.
Looking forward to hearing from you all
Kind regards
Nick

Hey Nick

Try browsing this site, http://www.sorted.org.nz/calculators
there are lots of online calculators there for all sorts of stuff including mortgages and other info on money matters.

HTH
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Old Oct 8th 2008, 9:52 am
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Default Re: how much are mortgages?

Originally Posted by Riverside View Post
Could anyone let me know how much in $$$'s does someone pay per month for how much -$$$,$$$'s of mortgage.
Perhaps someone could also let me know what percentage of weekly income is spent on housing (be it rental or buying).
I know I'm pushing my luck here,...but how far away can you get from Auckland (Northwards), to live, and still be able to work in the area classed as North Auckland within say a 15-30 minute drive.
Looking forward to hearing from you all
Kind regards
Nick
Most of the banks have calculators on their websites too for working our mortgages ... nationalbank, westpac, asb etc.
if by north auckland you mean north shore city the furthest north you cuold live and be within about 30 mins is prob orewa. Most of the east coast suburbs in north shore city are nice, browns bay etc
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Old Oct 9th 2008, 10:24 pm
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Default Re: how much are mortgages?

mine is $614 a week on $350k, not a lot left from one persons salary.
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Old Oct 10th 2008, 4:30 am
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Default Re: how much are mortgages?

Something else to think about... The banks are beginning to tighten their loan regulations. It may become increasingly difficult to obtain a mortgage.
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Old Oct 10th 2008, 9:11 am
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Default Re: how much are mortgages?

Originally Posted by Hokey-pokey View Post
Something else to think about... The banks are beginning to tighten their loan regulations. It may become increasingly difficult to obtain a mortgage.
An article I read last week, said that the Banks are generally looking for a MINIMUM of 20% deposit now, which I should imagine is pretty much beyond the reach of most 1st time buyers here ( come to think of it, 2nd and 3rd time buyers too )
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Old Oct 10th 2008, 9:22 am
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Default Re: how much are mortgages?

Originally Posted by kev&sarah View Post
An article I read last week, said that the Banks are generally looking for a MINIMUM of 20% deposit now, which I should imagine is pretty much beyond the reach of most 1st time buyers here ( come to think of it, 2nd and 3rd time buyers too )
I remember the "Black Wednesday" crash in the UK in 1989 - interest rates went through the roof, everyone predicted the end of the World. Yet we're all still here....

So the banks, having been reckless for years, are now being too conservative - so what? Rent for a while, enjoy the sun, and buy in a few years when the interest rates are down, when the banks are begging you to borrow money and the houses are cheap. It WILL happen - always does!

Last edited by Scouse Dave; Oct 10th 2008 at 9:26 am. Reason: Forgot the "crash" was in the UK!!
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Old Oct 10th 2008, 9:32 am
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Default Re: how much are mortgages?

Originally Posted by Scouse Dave View Post
I remember the "Black Wednesday" crash in the UK in 1989 - interest rates went through the roof, everyone predicted the end of the World. Yet we're all still here....

So the banks, having been reckless for years, are now being too conservative - so what? Rent for a while, enjoy the sun, and buy in a few years when the interest rates are down, when the banks are begging you to borrow money and the houses are cheap. It WILL happen - always does!
been in rented since we got here 18 months ago Dave waiting for the present economic situation to hit, and will probably still be here in another 18 months cos we are fast spending our depoist from thr UK!!!!
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Old Oct 11th 2008, 2:14 pm
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Default Re: how much are mortgages?

Originally Posted by Riverside View Post
Could anyone let me know how much in $$$'s does someone pay per month for how much -$$$,$$$'s of mortgage.
Perhaps someone could also let me know what percentage of weekly income is spent on housing (be it rental or buying).
I know I'm pushing my luck here,...but how far away can you get from Auckland (Northwards), to live, and still be able to work in the area classed as North Auckland within say a 15-30 minute drive.
Looking forward to hearing from you all
Kind regards
Nick
Renting is definitely an option to be thinking about. You do have to be extremely careful though with choosing rental accomodation as much of the housing, rental or otherwise, in NZ is 'substandard' and it really helps to know what problems (eg. poor or no insulation, damp/mildew, not enough sun, no extractor fan in kitchen/bathroom, poor or expensive heating system, etc) and pluses (eg. north facing, well-insulated, double-glazing, high-enough-Kw's heat pump, etc) to look out for as once you sign a lease you're pretty much stuck with the place, good or bad, for the duration.

There are so many good properties on the market now to rent in Chch, 'better' houses that are new or that have been done up for sale but haven't sold. I looked on TradeMe yesterday and couldn't believe the 'low' rental prices being asked for some of these houses that I'd only recently seen on the market for sale. If a $350K mortgage alone is at $600+ per week, and you can get a $600-800K property to RENT for that much or less (here in Chch)... easy choice right now. Presumably the same or similar situation exists at the moment in Auckland, as AUckland has been harder hit I believe with falling house sales/prices than Chch.

As an example for Christchurch in one of the best areas (Cashmere):

http://www.trademe.co.nz/Trade-Me-Pr...-180151427.htm

I'm pretty sure the above property was for sale at around $700+K, now asking a rental of $600 per week. No rates to pay, no insurance, no maintenance/upkeep, no worries - that's the way to live in NZ, believe me! As long as you get a GOOD house, of course. If you're OK with a new or newer house in a subdivision (which should mean full insulation, double glazing, new kitchen/bathrooms, USUALLY a reasonable heating system, though even many of the new homes here don't have heating in the bedrooms and hallways, etc) then you'll have a good chance of 'having a life' from the get go....
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Old Oct 12th 2008, 5:22 am
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Default Re: how much are mortgages?

Definitely right- rent here rather than buy but be very wary of what you rent, particularly if coming out over the next 8 months as everywhere looks lovely in summer. We rented a gorgeous villa in January and loved it- until August! You won't believe how poorly prepared some homes can be for NZ winter.

Mortgages are scandelously expensive here.
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Old Oct 12th 2008, 5:49 am
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Default Re: how much are mortgages?

Originally Posted by Black Sheep View Post
http://www.trademe.co.nz/Trade-Me-Pr...-180151427.htm

I'm pretty sure the above property was for sale at around $700+K, now asking a rental of $600 per week.
Yes it went to auction in July, failed to sell, then they tried to sell it at $735k for a couple of months. It's still on the Harcourts and Open2View sites. It is ridiculously overpriced though, its CV is only $500k. There's no way they'll get $600/week rental for it in Christchurch right now either. A lot of homeowners are going through the same cycle at the moment, which is why there's a lot of rentals on the market.
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Old Oct 12th 2008, 7:10 am
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Default Re: how much are mortgages?

Originally Posted by cypherpunk View Post
Yes it went to auction in July, failed to sell, then they tried to sell it at $735k for a couple of months. It's still on the Harcourts and Open2View sites. It is ridiculously overpriced though, its CV is only $500k. There's no way they'll get $600/week rental for it in Christchurch right now either. A lot of homeowners are going through the same cycle at the moment, which is why there's a lot of rentals on the market.
Four bedrooms and only one bathroom, and no garage, it must be "the bench seat" which makes it so expensive
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Old Oct 12th 2008, 11:40 pm
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Default Re: how much are mortgages?

Thanks Guys for all your answers...it makes a huge difference to hear from people actually 'on the ground'
Nick
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Old Nov 9th 2008, 9:17 pm
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Default Re: how much are mortgages?

Originally Posted by cypherpunk View Post
Yes it went to auction in July, failed to sell, then they tried to sell it at $735k for a couple of months. It's still on the Harcourts and Open2View sites. It is ridiculously overpriced though, its CV is only $500k. There's no way they'll get $600/week rental for it in Christchurch right now either. A lot of homeowners are going through the same cycle at the moment, which is why there's a lot of rentals on the market.
P.S. One month later they're still trying to rent this property. The rent has gone from $600/week to $550, now $500, still no takers. If you offered $450 or so they would probably go for it. There are almost 1500 properties on the Christchurch rental market, up from about 400 in boom times.
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