Realistic price for house.

[ebianca]

Hi

This is a question for those of you already in NZ really.

I have been looking at houses on the net etc and was just wondering what amount of mortgage would be realistic on a $70-80 income so I can have a better idea of what we may be looking at. We do have 2 children so would hope to get a 3/4 bed house. We would also be looking at Wellington and around as that is where Hubby is aiming for when he goes on his job hunt.

We would have some money from sale of house in UK to use as deposit but not a major amount and obviously we would be renting when we first get to NZ so may be able to save a little more and maybe the house prices may fall as it looks like it might be heading that way soon.

Hope you can give ma an idea of what we should be able to afford.

Beth

[hatter5]

bugger
lost my post...

[Dawn]

Hatter 5 you pop up now and again make me laugh then bugger off! You should look in more often man!

[Maggiemoo]

Hi Beth,

We have recently moved back to the UK but we still have our house in Tauranga which we bought in Dec 06. My hubby was on a salary of around $70k, and we took out a mortgage of $280,000 (which was approx half the value of the house we had built) - the rate was fixed for 2 years at just under 8%, and we were paying back $2100 a month (really hope my dad and my mates aren't reading this as they will find out quite how much we borrowed - eek!!) We built a large 4 bed, single storey residence on a 950square metre section, and if I could have managed to bring it back with us in our container, I would have done so with no hesitation!!

Hope this helps, I am happy to discuss further with you by pm if you want any more info.

Maggie

[Taffy]

From speaking to brokers, you can usually borrow up to 4 times the income of the first persons income, plus 1 times the second persons income. People on higher incomes (60k+) can usually stretch a little more out of the lender. Different lenders have different rules depending on deposits, area you're buying in etc, so to be sure just stick to the 4+1 and you should get a good idea.

[hatter5]

Back again.

For a house in the Northern Suburbs of Wellington you can expect to pay anything from $400K to $600K. If a 20 minute train commute into CBD isn't too off putting then certain suburbs of lovely Porirua are worth considering - a new build 4 bedroomed single level house for around $500K. In the not so lovely suburbs then an ex state house would cost around $300K.

Mortgage lenders have various ways of allowing debt - a ratio of 40% of net salary is deemed as a being serviceable.

Rents are around $400 per week - to get you up and running but you can pay more.

Good luck