Mortgages

Old Oct 22nd 2010, 1:42 pm
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Default Mortgages

We are just looking at different options rather than buying a house right away.

Would it be a possibility to take out a mortgage for a new zealand house based on my dads UK wage so we can buy the house before we arrive and then once we're over there, just transfer the mortgage onto the nz wages?

If i'm correct, we would be able to borrow more on a UK wage than a NZ one.


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Old Oct 25th 2010, 7:30 pm
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Default Re: Mortgages

I would not recommend it you need to get to know the area, we moved here on Aug 13th we moved into our house on October the 8th having reviewed areas etc. House buying in NZ is not like the UK and can be done very quickly you could be in in 2 weeks if you wished! houses look great on the net but its what the pictures do not show you need to be aware of plus i am not sure NZ banks would lend money based on UK wages I stand to be coreected though!
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Old Oct 25th 2010, 9:21 pm
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Default Re: Mortgages

Thanks for the reply!

Since I posted this thread my parents think it would financially better for us to build a house ourselves. We will rent a house in the area we are thinking of first as you say to get to know the place and then build a house.

It's the way we would of gone if we stayed in the UK, building is always cheaper.

We would like to live in the South most likely in Christchurch or canterbury sorta area, as that's where most of the work is for my dad.

Any suggestions for good areas?


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Old Oct 26th 2010, 12:40 am
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Default Re: Mortgages

Originally Posted by SweetyStacey View Post
Would it be a possibility to take out a mortgage for a new zealand house based on my dads UK wage so we can buy the house before we arrive and then once we're over there, just transfer the mortgage onto the nz wages?
Right up to the Global Financial Crisis that may have been possible...
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Old Oct 26th 2010, 12:42 am
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Default Re: Mortgages

Originally Posted by SweetyStacey View Post
We would like to live in the South most likely in Christchurch or canterbury sorta area, as that's where most of the work is for my dad.
At the moment you might find most of the building tradespeople down there busy on rebuilding/repairs so you might find the price to build has gone up and/or timescales pushed out... just a thought...
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Old Oct 26th 2010, 1:44 am
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Default Re: Mortgages

Originally Posted by simonsi View Post
At the moment you might find most of the building tradespeople down there busy on rebuilding/repairs so you might find the price to build has gone up and/or timescales pushed out... just a thought...
Well we're only going by the website of the "Depart of building and housing" and if we went by that price it would end up much cheaper with my dad doing most of the work himself.


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Old Oct 26th 2010, 1:48 am
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Default Re: Mortgages

Oh and when we were talking to the manager of Bayleys Real Estate at the manchester expo for new zealand, he agreed it would be cheaper. But then again every case is different so I guess we will need to research some more.


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Old Oct 26th 2010, 2:29 am
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Default Re: Mortgages

Originally Posted by SweetyStacey View Post
Well we're only going by the website of the "Depart of building and housing"
I doubt whether that has been updated post-earthquake with any recent price/availability changes due to the large amount of repair work drawing in the available tradespeople.

Of course if you physically build a house yourself then it will be cheaper then buying builder-built.
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Old Oct 26th 2010, 2:36 am
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Default Re: Mortgages

Originally Posted by simonsi View Post
I doubt whether that has been updated post-earthquake with any recent price/availability changes due to the large amount of repair work drawing in the available tradespeople.

Of course if you physically build a house yourself then it will be cheaper then buying builder-built.
Hmm not sure if it has. Yeah my dad intends to build hiself...well he needs a builder to build the actual carcass but the rest he'll do.

In saying that, if he manages to scoop one of the jobs that immigration are crying out for then he might be too busy with the quake repairs to build us a house lol.


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