Mortgage
Feb 1st 2008, 6:37 pm
#1
Bouncer For Mothercare
Thread Starter
Joined: Sep 2007
Location: southampton
Posts: 142
Mortgage
With a wage of $55,000 a year and a deposit of roughly $50,000 how much would I be able to get for a mortgage 
Feb 1st 2008, 7:00 pm
#2
HAPPY AS...
Joined: May 2006
Location: Taupo
Posts: 1,068
Re: Mortgage
Not sure what your top figure will be, but as a basic costing, for every $1,000 you borrow, double that number for weekly repayments, yes, weekly.
So, a $200k mortgage will cost roughly $400 a week.
So, a $200k mortgage will cost roughly $400 a week.
Feb 3rd 2008, 10:37 am
#3
Joined: Nov 2006
Posts: 2,225
Re: Mortgage
The current advice to borrowers in NZ is not to overstretch themselves on their mortgages.
Feb 3rd 2008, 6:41 pm
#4
BE Enthusiast
Joined: Jan 2004
Location: auckland
Posts: 547
Re: Mortgage
We found that the amount they were prepared to give us was way too high!!!! and we could never have afforded the repayments! Also there seems to be no cap on the amount of years you can have it over, we are 35 and they would have given us another 30 year morgage.
Feb 4th 2008, 3:06 am
#5
Joined: Nov 2006
Posts: 2,225
Re: Mortgage
That's just ridiculous isn't it!
I wonder if that sort of irresponsible lending will cease soon - the sub-prime mortgage fiasco is going to make a lot of lenders evaluate their lending criteria.
The advice we were given years ago is 2.5 times the main salary plus the second, or three times the combined.
A lot of people come to NZ and start their mortgage lives from scratch - often with 25 year loans. With a lot of loans the early years are mostly interest payments, so if you sell your house early on you'll not have repaid much of the capital.
I wonder if that sort of irresponsible lending will cease soon - the sub-prime mortgage fiasco is going to make a lot of lenders evaluate their lending criteria.
The advice we were given years ago is 2.5 times the main salary plus the second, or three times the combined.
A lot of people come to NZ and start their mortgage lives from scratch - often with 25 year loans. With a lot of loans the early years are mostly interest payments, so if you sell your house early on you'll not have repaid much of the capital.
Feb 4th 2008, 3:19 am
#6
NZ ways is best ways :0)
Joined: Oct 2006
Location: Christchurch, NZ
Posts: 1,109
Re: Mortgage
To get an accurate picture, try http://www.westpac.co.nz/olcontent/o...nt/Calculators and use their mortgage calculator which takes into account whatever you want it to. I think the ASB website has one too. I've just done it for you (bored at work) and taking nothing else into account Westpac will lend you 265k, giving you 315k total.
The lending you can get here is pretty daft with the amount you can borrow - especially with a sizeable deposit as you have.
On a wage of 45k we were told we could borrow 200k so long as we put a 40k deposit down. 4 x salary - madness!
After enquiring about an investment property, we were told that on paper salaries of 100k and with current equity/ deposits taken into account we could borrow a total of 715k. Erm... thanks, but we're not mental quite yet.
The lending you can get here is pretty daft with the amount you can borrow - especially with a sizeable deposit as you have.
On a wage of 45k we were told we could borrow 200k so long as we put a 40k deposit down. 4 x salary - madness!
After enquiring about an investment property, we were told that on paper salaries of 100k and with current equity/ deposits taken into account we could borrow a total of 715k. Erm... thanks, but we're not mental quite yet.
Last edited by Wiz'n'Ton; Feb 4th 2008 at 3:32 am. Reason: chucked some stuff in there
