Toyspeed.org.nz Message Board

I am interested how many of you can actually afford a home in NZ?

By affording I mean buying it (not rent).

i voted no cause im a student and have no income but i wanted to see the results of the poll.

shihad wrote:i voted no cause im a student and have no income but i wanted to see the results of the poll.

There is view results button if you don't wish to vote.

i can afford to pay a mortgage, but i cant afford a deposit

as above!

Have mortgage. [wince]

Yes but I bought 3.5yrs ago just before prices went nuts and money was easier to borrow.

I think regions differ hugely too.

No on deposit currently (I anit falling for the 0% deposit loan!) and highly doubt i could afford mortgage repayments and still live comfortably. Maybe if i meet a wealthy woman

sergei wrote:

shihad wrote:i voted no cause im a student and have no income but i wanted to see the results of the poll.

There is view results button if you don't wish to vote.

lol my bad

Voted yes, rates are super win at the moment so its the cheapest (mortgage costs wise) for me since I built 2 years ago. Not that much different to rent cost for a similar house i'd imagine. Though in saying that, if I rented I would have more $$$ for my cars which would be sweet, but i'd never save anything so would never get anywhere really.

Location plays a big part in being able to afford it I think. Auckland compared to Christchurch house prices etc

Really depends on people's understanding of the word "afford". I know people that can "afford" to pay their mortgages but then they can't do anything other than work and come home because after paying for their houses and bills they have no money left over for anything and when their cars break down they can't afford to fix them...

For me personally, I wouldn't consider myself able to afford a house unless I could pay for it and still have money left over for bills, savings, entertainment, unforseen costs (house maintenance, car maintenance etc) and normal day to day costs of living.

Based on that, no - I can't afford a house Having said that though, I don't want a house.

Can I afford a house in Auckland? No

Can I afford a house in the wops? Yes

One income and a 15 year mortgage this year has played havoc with the house buying.

TBH I'm starting to see the appeal of renting and investing the money that you're saving, only downside is that it requires epic self control to not blow your savings on bling...

I am sorry to miss out crucial information.
What I meant by afford: is to live normally (not on 4 kilos of rice/month sort of thing, or dog bbq) an average house (not a shite hole in middle of nowhere) of value of $350,000 (that works out to cheaper side for Auckland).

iOnic wrote:Really depends on people's understanding of the word "afford". I know people that can "afford" to pay their mortgages but then they can't do anything other than work and come home because after paying for their houses and bills they have no money left over for anything and when their cars break down they can't afford to fix them...

Banks generally wont lend you money to buy a home unless you have enough disposable income to cover other things, or at least Westpac was like that when we got our place. With me changing jobs and taking a bit of a hit in the pocket I'm a little hand to mouth at the moment, $&#$% doing that for 25 years.

currently have a couple of houses on the go, one in aussie and one in auckland.

Just don't tell either bank about the other mortgage..

also thinking of selling the auckland house in favour of renting / spending less time in NZ.

yup, brought my 1st house a couple years ago when i was 19, but to be fair i only put up a third of the deposit ($10,000) and the old boy still covers about 1/4 of the mortgage a month (tis $2400 a month) but that is a tax break for him so works out good and i have 3 ppl here paying rent too. but im just a poor apprentice.

overall houses are soo grossly overpriced its stupid

Dell'Orto wrote:Banks generally wont lend you money to buy a home unless you have enough disposable income to cover other things, or at least Westpac was like that when we got our place.

I thought that too but at the moment I personally know of 2 people that live on less than $50 a week after they've paid their mortgages/power/phone etc and they're basically running up their credit cards for inevitable doom.

I get $50/week spending money, suits me though as I don't drink or blow money, tools are an investment aye? Though I don't put anything on my credit card I can't pay off when its due.

d1 mule wrote:(tis $2400 a month)

Did you buy a mansion??

Im saving $1000 a month at the moment towards a deposit and getting help from parents aswell.

Still not going to be easy but has to be done.

wish i had got me one 8 years ago when they were under $100 ( in my area) and i was earning good money.

I spent a good part of that money on cars instead.