Mortgages
Mar 2nd 2017, 7:26 am
#17
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Re: Mortgages
Perfect timing for you as the crest has now been breached and the new cycle begins.
Mar 2nd 2017, 9:09 pm
#18
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Re: Mortgages
This is an amazing home. Not a bad area either. If someone was in healthcare and had a job at the hospital this probably must be the bargain of the year; okay its gonna be a job to heat it in the winter BUT the winters are getting warmer as the world comes to an end eh?
Spacious villa ready for a new family - below GV | Trade Me Property
Spacious villa ready for a new family - below GV | Trade Me Property
Mar 2nd 2017, 9:29 pm
#19
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Joined: Jun 2007
Posts: 2,994
Re: Mortgages
This is an amazing home. Not a bad area either. If someone was in healthcare and had a job at the hospital this probably must be the bargain of the year; okay its gonna be a job to heat it in the winter BUT the winters are getting warmer as the world comes to an end eh?
Spacious villa ready for a new family - below GV | Trade Me Property
Spacious villa ready for a new family - below GV | Trade Me Property
Mar 3rd 2017, 7:00 am
#20
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Mar 3rd 2017, 9:13 am
#21
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Location: St Heliers, Auckland
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Re: Mortgages
Auctions don't have prices mentioned. The point of an auction is to get as high as people will go without giving any advance indication of the reserve.
Does seem cheap but I know nothing about property in that part of NZ.
Last edited by Daisy616; Mar 3rd 2017 at 9:20 am.
Mar 3rd 2017, 11:08 am
#22
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Re: Mortgages
Finding "prices" for properties is very different to the UK. In UK you get a price and then you try and negotiate (usually lower) around asking price.
Here it depends on the area, but usually you'll see an RV which is not especially linked to the price the vendor wants for it. In fact trying to even find an asking price can sometimes be challenging. You are expected to do the research and come up with your own valuation. For instance, here in the Wellington region some properties are going for 50% + above RV. I should think it's even more in Auckland. In the SI however things might be a little more relaxed with regards to price??
Here it depends on the area, but usually you'll see an RV which is not especially linked to the price the vendor wants for it. In fact trying to even find an asking price can sometimes be challenging. You are expected to do the research and come up with your own valuation. For instance, here in the Wellington region some properties are going for 50% + above RV. I should think it's even more in Auckland. In the SI however things might be a little more relaxed with regards to price??
Mar 3rd 2017, 11:13 am
#24
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Re: Mortgages
Some new UK migrants just arrived here in Tauranga on a 3 year temporary work visa and they attempted to buy a section within a few weeks of landing here, even before he'd started in the job he'd been offered and the bank more than happy to lend them money for a mortgage straight away.
Another couple we know have also just gone down the mortgage application track on a new property out Omokoroa way and were offered a 95% mortgage but with a higher % interest rate due to the additional risk for the lender.
Another couple we know have also just gone down the mortgage application track on a new property out Omokoroa way and were offered a 95% mortgage but with a higher % interest rate due to the additional risk for the lender.
Mar 3rd 2017, 11:15 am
#25
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Re: Mortgages
There are two basic affordability criteria:
- LVR: Banks must do only 5% of their lending at over 80% LVR so its unlikely you'll get approved if you don't have a 20% deposit.
- Income: Banks use two main approaches and vary by bank (which is why one bank may say no and another yes) which they either calculate using previous expenses or estimate your living expenses (which can be wildly different depending on your penchant for luxury or frugality). They will then ask "If interest rates rise to X (X being 7-9% right now, called a "testing rate") how much could this person afford repayments on given their income and normal expenses?
Generally for first time buyers LVR is a tougher hurdle but for older buyers the income side will limit lending.
- LVR: Banks must do only 5% of their lending at over 80% LVR so its unlikely you'll get approved if you don't have a 20% deposit.
- Income: Banks use two main approaches and vary by bank (which is why one bank may say no and another yes) which they either calculate using previous expenses or estimate your living expenses (which can be wildly different depending on your penchant for luxury or frugality). They will then ask "If interest rates rise to X (X being 7-9% right now, called a "testing rate") how much could this person afford repayments on given their income and normal expenses?
Generally for first time buyers LVR is a tougher hurdle but for older buyers the income side will limit lending.
Mar 3rd 2017, 11:17 am
#26
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Re: Mortgages
This is an amazing home. Not a bad area either. If someone was in healthcare and had a job at the hospital this probably must be the bargain of the year; okay its gonna be a job to heat it in the winter BUT the winters are getting warmer as the world comes to an end eh?
Spacious villa ready for a new family - below GV | Trade Me Property
Spacious villa ready for a new family - below GV | Trade Me Property
Mar 3rd 2017, 11:22 am
#27
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Re: Mortgages
All the places I have looked at in Dunedin (bar a few brick buildings in my price range) have looked like wooden huts. I understand from reading about NZ property generally that they have single glazing mostly and are poorly insulated a lot of the time.
Incidentally you may laugh, but I did used to live in an old wooden farmer's house in Switzerland for a year! (Hence the Snow_Angel user name....I worked there in the ski season skiing and Summer hiking). Alps wooden huts are amazingly warm though - Swiss efficiency at its best!
Incidentally you may laugh, but I did used to live in an old wooden farmer's house in Switzerland for a year!
(Hence the Snow_Angel user name....I worked there in the ski season skiing and Summer hiking). Alps wooden huts are amazingly warm though - Swiss efficiency at its best!
Mar 3rd 2017, 6:55 pm
#28
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Re: Mortgages
Personally its the type of place I would buy. I love this type of home and like something different! And I like a bargain.
Mar 3rd 2017, 7:06 pm
#29
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Re: Mortgages
Central heating is very rare here in NZ. As is d/glazing. Only new builds have d/glazing generally, unless it has been retro fitted.
Way too many houses are really of a shed like construction. They look really trashy and they have all kinds of issues around cold, damp and mold.
You really want to get a home that has HRV. It is a simple sytem that circulates the air around the home thus eliminatining much of the dampness that naturally occurs in homes.
You can have a system installed for about 4k in an average home. You also should get a home with a log burner. They are amazing and really turn a house into a home!! They are about 5-7k fitted.
You also MUST get your home insulated top and bottom. 150sq m home will cost around 5k to get done, obviously MUCH cheaper if you do it your self.
It is also a really good idea to run a dehumidifier in your home. They are cheap to buy (2nd hand even cheaper obviously), quiet and cheap to run.
Personally I would not advise getting a 'heat pump'. I find the heat given off by them kind of unpleasant and I really find the atmosphere hard to breath when one is on (had one in the last bach I rented..bloody horrible thing)! Heat from a log burner is far more appealing and easy to live with IMO from an esthetic point of view.
Mar 4th 2017, 10:52 pm
#30
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Posts: 2,994
Re: Mortgages
Whoops, my apologies - not sure where I got that idea!
A do-upper of that size could easily cost a couple of hundred thousand in renovations though.
Also, I note that Gonville primary is decile 2. Now I am the first to be critical of using decile to select a school but below about 3/4 I am wary. It will be a relatively economically deprived area (locally speaking) within a relatively economically deprived area (nationally speaking). Suddenly not looking like such a bargain. If I was established in Whanganui and confident of the area and had the cash to buy it plus inject in renos (note how few rooms are shown ...) I might consider it as it is beautiful and I love period homes BUT considering it reasonably it is not the sort of house to offer up as an example of the wonderful lifestyle on offer for buyers with sub-$300k budgets, imo ( <--- note the final caveat).
A do-upper of that size could easily cost a couple of hundred thousand in renovations though.
Also, I note that Gonville primary is decile 2. Now I am the first to be critical of using decile to select a school but below about 3/4 I am wary. It will be a relatively economically deprived area (locally speaking) within a relatively economically deprived area (nationally speaking). Suddenly not looking like such a bargain. If I was established in Whanganui and confident of the area and had the cash to buy it plus inject in renos (note how few rooms are shown ...) I might consider it as it is beautiful and I love period homes BUT considering it reasonably it is not the sort of house to offer up as an example of the wonderful lifestyle on offer for buyers with sub-$300k budgets, imo ( <--- note the final caveat).