How much will the banks lend
Jun 23rd 2005, 11:58 am
#1
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How much will the banks lend
Hi guys,
it's been a while since we posted a thread. Can anyone give me an idea how many times our income the banks will lend for a mortgage in NZ ?
Cheers BoB.
it's been a while since we posted a thread. Can anyone give me an idea how many times our income the banks will lend for a mortgage in NZ ?
Cheers BoB.
Jun 23rd 2005, 2:56 pm
#2
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Re: How much will the banks lend
Originally Posted by sandybob
Hi guys,
it's been a while since we posted a thread. Can anyone give me an idea how many times our income the banks will lend for a mortgage in NZ ?
Cheers BoB.
it's been a while since we posted a thread. Can anyone give me an idea how many times our income the banks will lend for a mortgage in NZ ?
Cheers BoB.
Jun 24th 2005, 6:25 am
#3
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Re: How much will the banks lend
Originally Posted by Biddy
Not certain, but believe it's similar to here ie 3 - 3.5 x salary (ish)
Regards BoB.
Jun 24th 2005, 2:11 pm
#4
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Re: How much will the banks lend
I've 'heard' it's 4.5 times the gross family income.
I've sent you a pm.
John.
I've sent you a pm.
John.
Jun 26th 2005, 10:32 pm
#5
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Re: How much will the banks lend
Originally Posted by sandybob
Hi guys,
it's been a while since we posted a thread. Can anyone give me an idea how many times our income the banks will lend for a mortgage in NZ ?
Cheers BoB.
it's been a while since we posted a thread. Can anyone give me an idea how many times our income the banks will lend for a mortgage in NZ ?
Cheers BoB.
Also, your monthly spending, credit card limits, other loans etc are taken into account. On average, somewhere around 3.5 - 4 times seems to be a reasonable assumption. Most fo the bank websites (NBNZ, WEstpac, ASB, ANZ) have calculators to give you an idea.
It makes life a lot easier ifyou are able to show six months of good savings history, ie set up a savings account and put away weekly / fortnightly savings to that, and dont dip into it. Banks feel a lot more comfortable if you have something like that to point to good saving behaviour...
Jun 27th 2005, 12:05 am
#6
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Re: How much will the banks lend
Originally Posted by newkiwi
Most of the bank websites (NBNZ, WEstpac, ASB, ANZ) have calculators to give you an idea.
http://www.asbbank.co.nz/section460.asp
Jun 27th 2005, 6:00 am
#7
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Re: How much will the banks lend
Originally Posted by newkiwi
Banks tend to lend you more if you are able to put down a sizeable deposit (25-30%). THere is no hard and fast rule....there is quite a lot of discretion.
Also, your monthly spending, credit card limits, other loans etc are taken into account. On average, somewhere around 3.5 - 4 times seems to be a reasonable assumption. Most fo the bank websites (NBNZ, WEstpac, ASB, ANZ) have calculators to give you an idea.
It makes life a lot easier ifyou are able to show six months of good savings history, ie set up a savings account and put away weekly / fortnightly savings to that, and dont dip into it. Banks feel a lot more comfortable if you have something like that to point to good saving behaviour...
Also, your monthly spending, credit card limits, other loans etc are taken into account. On average, somewhere around 3.5 - 4 times seems to be a reasonable assumption. Most fo the bank websites (NBNZ, WEstpac, ASB, ANZ) have calculators to give you an idea.
It makes life a lot easier ifyou are able to show six months of good savings history, ie set up a savings account and put away weekly / fortnightly savings to that, and dont dip into it. Banks feel a lot more comfortable if you have something like that to point to good saving behaviour...
regards BoB
Jun 27th 2005, 10:38 pm
#8
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Re: How much will the banks lend
Who sent me some nice anonymoose karma for this thread :scared: :scared:
If you don't sign your name I can't return the favour!!!
If you don't sign your name I can't return the favour!!!
Jul 1st 2005, 4:19 am
#9
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Re: How much will the banks lend
Originally Posted by Pinkie Pie
Who sent me some nice anonymoose karma for this thread :scared: :scared:
If you don't sign your name I can't return the favour!!!
If you don't sign your name I can't return the favour!!!
