Can you afford a home in NZ? Mark II

[wde_bdy]

I have (or will have) spent roughly 67% of the purchase price of my house on my new garage/man cave. Damn I love not living in a main centre.

Callum

[Dell'Orto]

LOL enjoy your .5 bedroom duplex with that backing.

Mate, its enough for a 4 bedroom 1/4 acre in Wainui

I have (or will have) spent roughly 67% of the purchase price of my house on my new garage/man cave. Damn I love not living in a main centre.

Callum

Your garage is larger than 67% of homes in the Gisborne region though

[Bling]

Currently living with mother in law, willing to consider Auckland prices currently...

[Bling]

Wasn't expecting the rates to drop this early in the year, can't wait to get a mortgage again Sucks to be on the sideline in Auckland though, that place just seems to get worse and worse.

[Dell'Orto]

Dammit, its gonna screw me in the Hutt too Houses prices are already rising, this will really wind up those first home prices.
I see NZCU were advertising on FB that they do 100% mortgages, I'm semi tempted

[Bling]

100% mortgages again? Must be about to turn full circle and go to the crapper. Could get those ~7-8 years ago, then it all went flat. I'm guessing they aren't a proper bank as such? NZCU, as they'd have the restrictions on loans in that area.

Just got an email from my broker with some cash offer and discounted rates, notbad.jpg When dealing direct with the bank it was like trying to get blood from a stone. So they lose out in two ways by not playing fair, they stump up a discount + cash, and have to pay the broker.

Sounds like rates will be heading downward for a while yet, so at least there is no hurry to lock a place. Though like you say Brad, could be a further push on prices.

[thegreatestben]

I read that the drop in OCR may only bring down floating rates. We have a bit over 10% equity now as we were the last of the <5% deposit club.
I wasn't in a position to go to other banks as we are balls deep in the house being reno'd so was very pleased when ASB offered their >20% 2 and 1 year fixed rates.

We've opted for 1 year this time, if the rates get really good I guess if it's beneficial enough we can always pay to break the term. I'm personally looking to gain value through my renovations than riding the market.
I feel more like I am steering the ship this way. Keep those payments as high as you can afford too!

[Bling]

Sounds like you're pretty sorted really. I spent 7 years putting all of our spare coin into the mortgage to build up some equity, no regrets. Makes the next step much easier, so you can't lose doing it how you are. Planning to stay there and enjoy the fruits of all that hard work, or planning to sell up?

Yeah I think costs for fixed terms if anything have gone up a bit as a lot of that funding is from overseas or something. Outlook doesn't sound all that flash globally, so hopefully those fixed rates will stay nice and low for a few years to come. Anyone's guess though, but they are such good value now compared to previous years. If we do get another cut or two during the year, it could ease up the fixed rates a bit. I'll be looking to fix around September (can't fix any sooner), so will see what things are doing then.

[thegreatestben]

The way we are going with the house we are pretty happy with any outcome, stay, move, rent or sell. I wouldn't mind getting to a point where the mrs is earning enough and we are comfortable enough for me to do something like buy and renovate houses for a job but that's a pipedream at this stage.

[Bling]

Sounds pretty good, won't be easy working out the figures on that one. Working for a salary/wage vs costs of loan and renovating and the profit after all that. Just typing that is working my brain overtime.

[Dell'Orto]

Would be a shame to move out after all the work you've put in there Ben, you have to at least wait until little TGB comes along

[thegreatestben]

Neither of us like the busy road, nothing stopping me from doing it all again.
Have amassed a pretty sweet stash of tools and a reasonable amount of skill.

I like art deco places, might give one of them a hoon maybe.
Keen for something a bit special

Wish we were in the market when this was for sale:
http://www.nzwood.co.nz/case-studies/samurai-house/

[thegreatestben]

no babies.

[Dell'Orto]

Neither of us like the busy road, nothing stopping me from doing it all again.
Have amassed a pretty sweet stash of tools and a reasonable amount of skill.

I like art deco places, might give one of them a hoon maybe.
Keen for something a bit special

Wish we were in the market when this was for sale:
http://www.nzwood.co.nz/case-studies/samurai-house/

Fair call, arterial roads are a bit of a c**t for noise I guess. Tool collection FTW, and learning shit is never bad, I learnt HEAPS doing the kitchen and bathrooms in my old houses, and this time around I wont have a pesky womanthing to hinder my flair

Shit that house is dope as $&#$%, was it in the Akas?

[thegreatestben]

Just Pinehaven. Looks amazeballs but have to pretty dedicated as it's very open plan.
Ie. people can see your balls in the shower from everywhere that isn't the shower.

[Dell'Orto]

Meatspin for all!