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Thread: Auckland least affordable area

  1. #1
    MotherBear's Avatar
    MotherBear is offline The missing link
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    Default Auckland least affordable area

    Auckland least affordable area
    8:30 AM Thursday Aug 19, 2010

    New Zealand home loan affordability improved in July by its biggest amount in 18 months to its best levels since September last year as fixed mortgage rates dropped and house prices eased, the Roost Home Loan Affordability report shows.

    Affordability improved significantly in Queenstown, Waikato/Bay of Plenty, Hawkes Bay, Nelson, Wellington and Canterbury because house prices fell.

    But affordability worsened slightly in Northland, Manawatu, Otago and Southland because house prices rose.

    Auckland is now the least affordable area in New Zealand, taking that mantle from Queenstown for the first time since January 2002.

    Affordability is set to improve further through the second half of 2010 if house prices keep falling in a "buyers market" and further concerns about the global economy drive market interest rates lower.

    More here.
    Mother Bear

    Try to bloom wherever you are planted.

  2. #2
    kingofwit is offline Junior Member
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    Hi MotherBear,

    Just wonder whether you have any information for the following:

    Can a foreigner purchase a house in Auckland?
    What is the minimum cash download payment?
    What is maximum loan can one take?
    What is the interest rate?

    Thanks.

  3. #3
    LloydKlee is offline Junior Member
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    Default Auckland property

    Answers are within the test below,
    Can a foreigner purchase a house in Auckland?
    YES
    What is the minimum cash download payment?
    10%
    What is maximum loan can one take?
    20%
    What is the interest rate?
    At the moment about 6.25%
    Regards
    Lloyd

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