jads

Hi everyone

If you have a $100k NZ mortgage, what are the current repayments per month. Trying to work out the figures!
'This time next year' as Del Boy used to say.

Cheers Jads

happynz

Hi Jads,
Yesterday I walked past a Kiwibank and the signboard outside was advertising 3 year fixed mortgages at 8.6%. Assuming you get something like that for a twenty year loan you'd expect payments of approximately NZ$875/month.

My math sucks mightily so I expect I'll be corrected.

zoej

use this:

http://www.westpac.co.nz/olcontent/o...or+-+Fine+tune

westpac calculator.

Depending on mortgage type and if you have it all in one type or split into two types.... yes you can have say $60K in fixed and $40K in floating. Fixed you can not repay early or overpay, but floating you can.

On the more expensive floating (10.55% - ouch) you will pay $1100 a month over 15 yrs.
But most jobs get paid fortnightly here, so if you opted to repay fortnightly - saves interest repayments. The westpac calculator is great as you can add any interest rate - i.e compare various banks.

Wiz'n'Ton

re Kiwibank - really?! Guess where I'm off to at lunch?!

Nice!

jads

Thank You, thats really easy and helpful
Is there a a thread on 'monthly expenses' (food, bills insurances,council tax etc etc.)

Cheers Jads

zoej

not sure about threads but I found the one on the emigratenz site very useful. From that we worked out the minimum we need to earn to make it worth while.

http://www.emigratenz.org/cost-of-li...w-zealand.HTML

What it didn't tell you was all the extra bonds you need and other bits I found expensive along the way. Look on trade me website for rental prices in the area you are looking at. Bond is 3-4 * weekly fee plus 1 weeks agency fee and 2 weeks upfront. Electricity need $150 bond to supply you - due to no NZ credit reference. Refunded if you pay promptly after 12 months. Telephone need $50 connection upfront and look out for deals on Internet connections and packages. Electricity can be expensive - we are paying about $200 a month. food is fun - I allow $600 a fortnight for 2 adults and 3 kids (7,4 & 2). Bread, milk, butter etc are all about to rocket by around 23% ouch. You don't pay rates in rentals. But for when you buy look at local council website for info. (Water is included in rates - but may change in the future).

I found this for my area - gives rates and map locations and boundary info.

http://www.upperhuttcity.com/page/387/Xplorer.boss