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Repayments on a $250,000NZD Mortgage

Repayments on a $250,000NZD Mortgage

Old Apr 24th 2008, 6:42 pm
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Default Repayments on a $250,000NZD Mortgage

Hi
We will have roughly £100,000 equity from our house which converts into aound NZD250,000 meaning if we were to purchase a house for NZD500,000 we would need to get a mortgage. Does anyone know what the repayments each month would be on NZD250,000 and if we bought a house around Christchurch would this be a realistic figure for a three bedroomed house.
Thanks
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Old Apr 24th 2008, 6:56 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Originally Posted by fitzandindiana View Post
Hi
We will have roughly £100,000 equity from our house which converts into aound NZD250,000 meaning if we were to purchase a house for NZD500,000 we would need to get a mortgage. Does anyone know what the repayments each month would be on NZD250,000 and if we bought a house around Christchurch would this be a realistic figure for a three bedroomed house.
Thanks
Our friends live CHCH and bought there house in Avonhead for $340000. A £300000 mortgage will cost about £1050 fortnightly.Check the NZ banking websites they normally tell how much it will cost
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Old Apr 24th 2008, 6:58 pm
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Default Re: Repayments on a $250,000NZD Mortgage

http://www.approved.co.nz/resources/...calculator.php


i have been sent this before may need a bit of tweeking but at least you get a rough idea
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Old Apr 24th 2008, 7:25 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Thanks for your replies, what is the interest rate at the moment?
That was a good price of $340,000 maybe we won't need to get such a high mortgage after all. Hubby will be earning around $50,000 ish and hopefully i'll get a job too when we get out there. Just hope we can also afford to eat
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Old Apr 24th 2008, 7:29 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Originally Posted by fitzandindiana View Post
Thanks for your replies, what is the interest rate at the moment?
That was a good price of $340,000 maybe we won't need to get such a high mortgage after all. Hubby will be earning around $50,000 ish and hopefully i'll get a job too when we get out there. Just hope we can also afford to eat
i think between 9.8 & 10 %
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Old Apr 24th 2008, 8:00 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Originally Posted by fitzandindiana View Post
Hi
We will have roughly £100,000 equity from our house which converts into aound NZD250,000 meaning if we were to purchase a house for NZD500,000 we would need to get a mortgage. Does anyone know what the repayments each month would be on NZD250,000.
Thanks
If you had a 30 year mortgage on $250,000 at 10% you'd be paying around $2,100/month. About $25,000/year.

Your husbands $50,000 income would come to around $39,000 after tax.

So...after taxes and the mortgage you've got $14,000/year to live on.

I'd be looking to find a second income/buy a cheaper house if I were you.
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Old Apr 24th 2008, 10:55 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Fitzandindiana, why on earth are you wanting to buy a house, don't you read the property news in NZ ?

If you do decide to buy please be aware that
1. The exchange rate is pretty poor at the moment
2. People who do buy houses invariably buy houses that are more expensive than they'd planned to buy. Historically you don't get much for your money in NZ although that is starting to change now.
3. You will need a second income, $50 grand a year will go nowhere.
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Old Apr 24th 2008, 11:02 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Not sure I agree, I think you get a lot of house for your money in NZ, more than UK.
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Old Apr 24th 2008, 11:07 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Don't think you will be able to borrow 250k on a 50k wage.

Go to one of the bank mortgage calculators - looks like about 170k would be your limit. (Westpac have one)

I agree, 50k is not enough to live on, and you will need two people working to keep your heads above water.

we're all different of course, so you'll get lots of views here, so keep asking questions

Good luck

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Old Apr 24th 2008, 11:11 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Originally Posted by jueinnz View Post
Not sure I agree, I think you get a lot of house for your money in NZ, more than UK.

I agree. We got 6 beds, 1991 one off 'architect designed' (apparently!!) art deco style house, 2/3 living areas, huge kitchen diner, office, rimu flooring, laundry, 2.5 baths, huge hallway entrance area, extensive gardens, driveway, cellar, big garage in very nice neighbourhood away from hoons and boy racers..down an ever so quiet cul de sac, loads of trees, rural views of mountains, a very big pool, in April 2005 cost $440,000.

Not worth that much more these days.

We have spent quite a bit of money on it getting to to a reasonable standard of heat/insulation...but we are hopefully looking being here 20 years or so.

We will never get the money back on it but I see a house as a home 1st and investment a big second.

What could you get for £165,000 odd in the UK in april 2005?

The house is getting on for 20 years old and it looks brand new. This one was well built (albeit without C/h and D/glazing) both having been installed since our ownership.

Its a nice big shed.
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Old Apr 24th 2008, 11:14 pm
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Default Re: Repayments on a $250,000NZD Mortgage

Originally Posted by MaryMc View Post
Don't think you will be able to borrow 250k on a 50k wage.

Go to one of the bank mortgage calculators - looks like about 170k would be your limit. (Westpac have one)

I agree, 50k is not enough to live on, and you will need two people working to keep your heads above water.

we're all different of course, so you'll get lots of views here, so keep asking questions

Good luck

MaryMc
Contact www.mortgagelink.co.nz

Very good, they sorted out a great draw down mortgage for us at a great rate.

Cost us nothing to use them other than the legal fees for the drawing up of the papers..and the bank paid most of those charges!
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Old Apr 25th 2008, 2:20 am
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Default Re: Repayments on a $250,000NZD Mortgage

Originally Posted by fitzandindiana View Post
Hi
We will have roughly £100,000 equity from our house which converts into aound NZD250,000 meaning if we were to purchase a house for NZD500,000 we would need to get a mortgage. Does anyone know what the repayments each month would be on NZD250,000 and if we bought a house around Christchurch would this be a realistic figure for a three bedroomed house.
Thanks

I think its good that you are asking these sort of questions and some good info has been given already on this thread. As somebody said, it might not be the best idea to buy a property straight away with the way the market is and your lack of knowledge of it too. But the affordability of it all is still an important consideration for you further down the line.

My own view - families with $50k income do not typically live in $500k homes. Just as in the UK 25k pounds income is not normally sufficient for buying a 250k pounds home, even if you had 40-50% equity. Hope that makes sense - I think I've got the relative values about right.
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Old Apr 25th 2008, 7:39 am
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Default Re: Repayments on a $250,000NZD Mortgage

I've been told by a few kiwi mates to put off buying until Sept/Oct as house prices are due to fall - anyone else know if this is the case?
I would do my own research but have my hands full with 2 small children, visas, checks, shippers, pets, containers & packing ....you all know what I mean!
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Old Apr 25th 2008, 8:15 am
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Default Re: Repayments on a $250,000NZD Mortgage

Originally Posted by newtothis View Post
I've been told by a few kiwi mates to put off buying until Sept/Oct as house prices are due to fall - anyone else know if this is the case?
I would do my own research but have my hands full with 2 small children, visas, checks, shippers, pets, containers & packing ....you all know what I mean!
I've been told this too.

I still keep looking though, just in case I find another dream home. Hope it doesn't turn out like the last one which ended up as a nightmare:curse:

Still waiting to sell the house in the UK, and anyway exchange rates are pretty yuk at the moment.

It'll all come together at the right time.....that's what I keep having to tell myself

Cheers

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Old Apr 25th 2008, 8:20 am
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Default Re: Repayments on a $250,000NZD Mortgage

Originally Posted by Catkin09 View Post
I've been told this too.

I still keep looking though, just in case I find another dream home. Hope it doesn't turn out like the last one which ended up as a nightmare:curse:

Still waiting to sell the house in the UK, and anyway exchange rates are pretty yuk at the moment.
Both NZ and UK house prices are due to plummet in the near future (and for a few years to come, no doubt) so I think it will be an 'Alice in Wonderland' situation for those trying to sell in the UK and buy in NZ.

Not the bit where she was running on the spot without going anywhere...the bit at the start where she was plummeting down a hole that never seemed to end.




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