Mortgage payments - how much?
Printed From: OHbaby!
Category: General Chat
Forum Name: General Chat
Forum Description: For mums, dads, parents-to-be, grandparents, friends -- you name it! And you name the topic you want to chat about!
URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=36710
Printed Date: 26 August 2025 at 4:46pm
Software Version: Web Wiz Forums 11.10 - http://www.webwizforums.com
Topic: Mortgage payments - how much?
Posted By: luvmylittlies
Subject: Mortgage payments - how much?
Date Posted: 16 November 2010 at 7:42pm
|
I'm having some anxiety issues at the moment and one of them is about our living arrangements that could be sold out from us at any time (old landlord died a few months back - family unsure when they want to sell). Anyway, my BF has decided he'll "fix" the problem by buying the house but he is so naive to these things he really has no idea how much this will cost as repayments, how much we'll actually need as a deposit and how much all the legal stuff will be. I thought one place to start would be to try to live for a little while as if we're paying off a mortgage (putting that money aside).
So if you don't mind telling me, how much do you think mortgage repayments would be for a $350,000 loan? Yeah I know there's different rates etc but just a ballpark figure. Cheers. ------------- Adoring Mum to Talisin 8/9/11 and Kiara 18/01/10 |
Replies:
Posted By: fire_engine
Date Posted: 16 November 2010 at 7:50pm
|
Check out the bank websites and you can calculate what it will be. ------------- Mum to two wee boys |
Posted By: _SMS_
Date Posted: 16 November 2010 at 7:57pm
|
It would be quite a bit. I think $500+ a week.
But yes i guess it depends. All the bank website have calculators/ -------------  
|
Posted By: Kimnthekids
Date Posted: 16 November 2010 at 8:00pm
|
I would think about 2000-2500 a month? ------------- http://lilypie.com">  http://lilypie.com">
|
Posted By: amme_eilyk
Date Posted: 16 November 2010 at 8:00pm
| try sorted.org.nz |
Posted By: myfullhouse
Date Posted: 16 November 2010 at 8:05pm
Yeah Kim is right, according to the ASB website it would be $2,177.82/mth with no deposit over 30yrs ------------- Lindsey 
|
Kimnthekids wrote:Posted By: luvmylittlies
Date Posted: 16 November 2010 at 8:12pm
|
Thanks - I should have thought of checking out the bank sites. Eeek, it's bloody scary, particularly if interest rates went up, which lets face it they will. How can anyone afford a house and actually have a life as well?!! ------------- Adoring Mum to Talisin 8/9/11 and Kiara 18/01/10 |
Posted By: kebakat
Date Posted: 16 November 2010 at 8:19pm
| In AK I dunno how you can afford it! |
Posted By: _H_
Date Posted: 16 November 2010 at 8:56pm
|
buy a cheaper house! dont know if you can in Auckland.............. ------------- http://lilypie.com" rel="nofollow"> 
|
Posted By: myfullhouse
Date Posted: 16 November 2010 at 9:42pm
|
$350k would probably be the average price for a house now in AKL. Without a deposit you are pretty much out of luck!
thesaff - I think there is a scheme you can get into with the Govt, a Welcome Home Loan I think it is called, they help you out, might be worth a try ------------- Lindsey
|
Posted By: weeheebaby
Date Posted: 16 November 2010 at 9:42pm
|
don't know how you could afford it in Auckland.
I would reccomend getting some professional financial advice about your situation. Banks are not doing 0% deposit for first time buyers - some are still looking for up to 20%. I'd say go and see a mortgage broker - you don't have to go with them (and you may get a better deal from a bank to be fair) but you can at least start getting some idea of where you sit. (what a banks online calculator says you could borrow and what you end up being able to borrow could be quite different) ------------- http://lilypie.com"> 
|
Posted By: High9
Date Posted: 16 November 2010 at 9:47pm
|
Look into welcome home loans but there are rules/certain criteria (like everything), Kiwibank do them. ------------- http://lilypie.com"> 
|
Posted By: maysie
Date Posted: 17 November 2010 at 8:29am
You also need to take into account other costs which come with a mortgage. We pay about $2300 per month for mortgage, rates & insurance (mortgage based on 310k) and then there are the other things like repairs and bits and pieces that pop up we have to budget in for too. For example, in the past 3 months we have had to get an electrician twice to check some things we couldn't do ourselves. Also in Auckland you have to pay for water waste or use don't you? So that's another factor to consider. Arrgghhhh, it's never ending!! (but feels oh so rewarding to have your OWN home!)  ------------- http://lilypie.com"> 
http://lilypie.com"> 
|
Posted By: Plushie
Date Posted: 17 November 2010 at 9:13am
| If its your first home can you use your kiwisaver starter? (if you have kiwisaver that is) |
Posted By: jazzy
Date Posted: 17 November 2010 at 12:41pm
|
Kiwisaver is a great idea to buy your home, think you have to be in it 3 or 5yrs you can chooses I think. It does not mean it has to be your very first house but you can not have other properties & in AK I think it is only up to $300-$350 not sure which... you will not get much in AK.
The other things to take into account along side mortgage payments is rates, insurances for house & life. You will need money to fix things that you did not have to worry about before like plumbing etc. I would not buy a house cause I rented it & it may be sold unless it was the perfect house. Look around see what else you can get for you money. Get a LIM report for any house you are considering buying. Do your budget on what you currently pay out for things & see how much you have left over now. Don't buy if you have no spare money & if you have any debt pay it off first if you can. |
Posted By: clover
Date Posted: 17 November 2010 at 12:49pm
|
Agree with Jazzy, don't buy that house just because you live in it now (unless due to the death the vendors will do a good deal to get rid of it easily). Sorted has got calculators for africa, mortgage repayments, budgets, savings, check it out. The Welcome Home Loan suggestion is a good one, we had to dismiss it though because of the low limits in Auckland you'll probably have the same issue. ------------- http://lilypie.com"> 
|
Posted By: stefany3
Date Posted: 17 November 2010 at 12:56pm
|
Yup, mortgages are a pain in the butt! Ours is about $500 a week (just under 300K mortgage now), and we are looking for somewhere much bigger, which will mean $800ish a week!!!
We are in AKL, and we actually don't have a life  . But having a kid kinda restricts the life anyway. We love hanging out at home in the garden over summer.
If you do go house hunting, a lot of agents these days supply the LIM report, so thats one cost you don't have to worry about when house hunting. And you will more than likely need a pretty good deposit for a first home buyer. Although like Linzy said, looking into that govt subsidy would be a good idea. There is one advantage to being a first home buyer, and that is that you can get a pre-approved loan from the bank, and you dont have to rely on selling your house before you can buy. ------------- 
|
Posted By: crafty1
Date Posted: 17 November 2010 at 1:14pm
|
life, what is a life?
sorted is the best website cos you also have lots of other compulsory costs as homeowner (insurance, rates, water etc) but there are cheap houses in aucks, depends on area and type of house but it is possible. ------------- http://lilypie.com">  
|
Posted By: BessieBear
Date Posted: 17 November 2010 at 1:35pm
|
OMG I can't believe how much some of you are paying for a mortgage. Ours is $300pw. Plus we save and extra $60pw to cover rates and stuff. When we were loking recently at different banks rates for a loan only westpac would give us the money at a price we could afford, which is odd cause some people think there the worst. ------------- Sarah Mum to, Boy 07/2008, Girl 03/2010, Boy 05/2012, Angel  07/08/2014
|
Posted By: NewMummyJade
Date Posted: 17 November 2010 at 1:57pm
|
We have a $350,000K mortgage for our Auckland house and its $550 a week.
Once you add in $55 per week for Land, Water Rates, about $25 for Home & Contents insurance it starts to get pretty pricey. Then when you also consider if you do work the amount you pay on gas and parking to commute its pretty crazy. So does anyone living in auckland have a life? The answer is no lol. We all just work to pay our stupid mortgages! Hence why at 25 weeks pregnant im stressing madly about affording to take any longer than the 14 week PPL off. Not that the $360 a week is all that fair anyway (thats a whole other discussion haha) Goodluck, in the end it is SO worth it by dear god its hard! ------------- http://lilypie.com"> 
|
Posted By: Febgirl
Date Posted: 17 November 2010 at 4:44pm
|
Our new mortgage is around $370k which is pretty average for Auckland I would have thought?
Apparently a good rule of thumb is that you should be paying around 25% or 30% of your income on mortgage/rent - I'd say for a lot of people that is pretty impossible though! Definitely go and see a mortgage broker or even better financial advisor - they will be able to give you the best advice and a wake up call for your BF if needed! ------------- Two little girls under 2! 
|
Posted By: nuts_nats
Date Posted: 17 November 2010 at 8:53pm
Totally agree with Febgirl about seeing a mortgage broker, they can help you look at different alternatives for getting a mortgage and will also apply to different banks which saves you alot of time! We got turned down by one bank and our broker was a life saver! The Welcome Home scheme as others have mentioned is an excellent idea to look into, they have increased the amount you can borrow in the Auckland region now too. Since its your first home you might have to look at living somewhere further out and cheaper for a few years just to get your foot in the door 
Good luck! ------------- http://lilypie.com">  
|
Posted By: luvmylittlies
Date Posted: 17 November 2010 at 9:39pm
|
Some awesome advice - thanks ladies. I need to sit down with my BF and get him to understand all these things too. And yes, do a budget which might scare him a little. He's one of the damn reasons I have anxiety issues about money! Anyway, we definitely need to do some more work to see if we can afford it and still have some buffer for rate rises or big unexpected costs. ------------- Adoring Mum to Talisin 8/9/11 and Kiara 18/01/10 |
Posted By: AandCsmum
Date Posted: 17 November 2010 at 9:45pm
|
I'm so glad I don't live in Auckland LOL ------------- Kel http://lilypie.com"> 
A = 01.02.04 & C = 16.01.09 & G = 30.03.12 |
Posted By: luvmylittlies
Date Posted: 17 November 2010 at 10:12pm
|
Yeah, it was the reason I moved from Sydney in the first place and now I'm in bloody Auckland where the prices are almost the same. Oh well. Maybe I have some rich but unknown relative who will die and leave me all their money. ------------- Adoring Mum to Talisin 8/9/11 and Kiara 18/01/10 |
Posted By: lilfatty
Date Posted: 18 November 2010 at 11:36am
LOL - Unless I have some relatives I dont know about, I doubt im getting any money when anyone dies. 
I just worked out our payments though and its under 25% of my income, so thats cool! ------------- Mummy to Issy (3) and Elias (18 months) I did it .. 41 kgs gone! From flab to fab in under a year  http://www.femininefitness.co.nz/category/blog - LFs weight blog
|
Posted By: xLUCKYx
Date Posted: 18 November 2010 at 12:48pm
|
We owe 265k and pay $510 a week. We bought our house 3 years ago on a 90% mortgage over 17 years so we only have 14 years to go! When we eventually move up in the world and buy bigger and better I imagine we will go to a 25 year mortgage though but for now we are managing fine and are quite happy to be on our short(er) term mortgage.
Mortgage: Origin: late Middle English: from Old French, literally 'dead pledge', from mort (from Latin mortuus 'dead') + gage 'pledge' |
Posted By: RachelBerry
Date Posted: 18 November 2010 at 1:06pm
|
Our mortgage costs us nearly $1k a week - that's for a $490k loan. We have it split into a few different amounts, but most of it is on a 22 year term (some on a 5 year to pay it back faster). And we don't even live in one of the major cities!
|
Posted By: kiwikt
Date Posted: 18 November 2010 at 1:43pm
|
It is amazing to hear what everyone is paying.
We are in a really similar boat to everyone else - $290k mortgage, paying $580 a week. This is over 14 years though. We could extend it and pay less. I tell everyone who is looking to get a mortgage - figure out what you can afford to spend. 20-25% of your after tax income per week is a good guide (it is about what we spend) and then fit a loan around that. And sometimes it is better to pay a larger amount on a smaller mortgage, than a smaller amount on a larger mortgage. Just think what the interest difference is between a 15 and 25 year mortgage! I have friends who could have afforded to pay double what they were on their mortgage but they decided that they would rather have a crazy amount of disposable income. Now they have a family and cannot afford to pay more, they are in the poo because their house value has dropped and they have not been able to get as much equity in their recent sale. ------------- Due 14/10/11 http://lilypie.com"> 
|
Posted By: GuestGuest
Date Posted: 18 November 2010 at 2:39pm
| We have a $250kish mortgage and we pay $2500 per month but we usually end up paying $3500 per month ($875 per week) on average because we have part of it on revolving credit. Our aim is to get it paid off as quickly as possible so we are pouring money into it before we have a baby. |
Posted By: fire_engine
Date Posted: 18 November 2010 at 3:06pm
When we started looking, we were childless but planning to TTC a year later. We were amazed at what the banks would lend - up to $660K 
We ended up with a $285K mortgage which we're knocking back - I think it's now an 8 year term? We're lucky that my PT job allowed us to maintain the same payments, though much more than 30% of our income goes into our mortgage. ETA - we had been paying back personal loans/student loans hard out for 2 years prior so were used to living on that amount) It is depressing that the next place we buy (which will be more expensive as we need to be more central for our works) will probably mean we end up with a mortgage that's double our current one. I sometimes feel like a hamster on a wheel. At one point we tossed up moving back South and it was waaaaaay too depressing seeing what we could get in Chch for what we would get in Auckland. We decided to stop looking and comparing. ------------- Mum to two wee boys |