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Thread: mortgage rates

  1. #1
    saraian is offline Oh Masterful One
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    Default mortgage rates

    Anybody know what the current interest rate is for mortgages in NZ? And do you pay taxes like council tax etc Thanks

  2. #2
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    Default mortgage rates

    Hi,

    Mortgage rates vary depending on lender, but at the moment can be from around 6.9% to over 8%.

    You do pay rates (like council tax) based upon the rateable value of the home. For an average house, you're looking at just north or south of $1000 a year.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  3. #3
    SteveyC's Avatar
    SteveyC is offline Right Royal Pain In The Posterior
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    Default mortgage rates

    Cheaper than UK then :icon_biggrin:

  4. #4
    moggy's Avatar
    moggy is offline God like figure
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    Default mortgage rates

    we were quoted 6.7% at a bank in Dunedin

  5. #5
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    Default mortgage rates

    Make sure thats not one of those fixed rate mortgages that go up to over 8% after the initial period!!
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  6. #6
    selchie's Avatar
    selchie is offline All Knowing Deity
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    Default mortgage rates

    It sounds like "fixed rates" aren't fixed in NZ. I suppose we shall have some studying to do when/if we get there. And I was doing so well learning about home ownership in the US!
    If men had wings and bore black feathers, few of them would be clever enough to be crows.
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  7. #7
    Midder is offline Member
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    Default mortgage rates

    Hi all,

    wanted to pick someones brains. We've been offered the option of Rent Try Buy on a property that we will be renting. Basically we will pay $430NZ per week rent, and at the end of 2 years all of our rent payments will be put down as a deposit on a new build house of our choice.

    Really, I just wanted to know if anyone has done this kind of option either in NZ or the UK, and would anyone recommend this.

    Opinions all gratefully received

    Cheers

  8. #8
    NickampJacky Guest

    Default mortgage rates

    Midder, that sounds a good option, better to line your own pockets by way of a deposit than line the pockets of an investment landlord.

    Sara,
    try the westpac website, i stumbled across it as an advert on www.realenz.co.nz, but a google search on google.co.nz will find it too. They had all the rates for borrowers & savers, along with "handy tips" for immigrants.

  9. #9
    kokopeli is offline God like figure
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    Default mortgage rates

    Midder said:

    [quote:0db334648a]We've been offered the option of Rent Try Buy on a property that we will be renting. Basically we will pay $430NZ per week rent, and at the end of 2 years all of our rent payments will be put down as a deposit on a new build house of our choice.[/quote:0db334648a]

    Hi Midder,

    You might want to check out this article in the NZ Herald

    [color=blue:0db334648a]http://www.nzherald.co.nz/index.cfm?...ectID=10328688
    [/color:0db334648a]

    In a nutshell, the Commerce Commission is warning people buying houses under rent-to-buy schemes to make sure they get the full protection of the new Credit Contracts and Consumer Finance (CCCF) Act.

    I'm sure you're getting proper advice - just thought you might want to read this first.

    Regards

    Chris :icon_wink:

  10. #10
    Midder is offline Member
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    Default mortgage rates

    Thanks for your replies,

    took me a couple of days to reply though, in Hong Kong at the mo. The article in the Herald was informative, sure I read something about the act in a letter from the letting agent in Auckland. Will need to triple check that though.

    Let you know how things go.

    Nikki

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