Mortgages

Hi, I am moving to NZ on my own and would very much like to purchase a flat/apartment.

In UK they generally do 3 1/2 times salary for a single person for a mortgage, is this the same in NZ?

Also, can anyone recommend sites where I can check out the rough repayments on a mortgage?

I have seen a few 1 bedroom places in Auckland City around $200,000 which I think might be a stretch but really not too sure on the surrounding areas yet to extend the search wider. I will be possilby working in CBD, if my company come through with a job!

thanks

Katie

http://www.nationalbank.co.nz/person...loan.asp#calc1

This link is the National Bank's mortgage calculator and will give you a rough idea of what you can borrow

HTH :icon_biggrin:

thanks welshgirl

K

bear in mind that borrowing in NZ is a lot more expensive than borrowing in the UK, the montly interest payments are likely to be twice what they are here.

Be careful with buying apartments in Auckland (or anywhere for that matter) with the fluctuating prices, they warn that aprtments will be the first to lose value. There are too many being built in auckland with too low a quality and with delusions of capital growth,