I can't borrow enough to buy an Auckland Property

[mattinvestor]

getting your parents as guarantors is probably a good idea - or just buy elsewhere and commute to work

[Eugene]

I recently asked a bank if I could guarantee my son, was told banks no longer like guarantees as difficult to enforce (although I think also son's sub-optimal finances might have influenced banker's response).

[NovInvestor]

Find a better mortgage broker.

[speights boy]

^ Our man in Fiji used to say that.

[NovInvestor]

^ Our man in Fiji used to say that.

I'm serious though, I have used bank employed mortgage managers, personal branch managers and independent mortgage managers.

One thing is certain, who ever cannot get what I want, I will find some body else who can.

[AMR]

Am almost certain you can do better at BNZ and Kiwibank in terms of LVR. Kiwibank might sting you with a low equity fee though. Westpac is also quite aggressive at the moment.

[AMR]

Read your first post a bit more, are units that bad?

[PatMat]

If you want a west Auckland IP better look at Henderson, Ranui, Swanson, etc. There are a lot cheaper properties than in New Lynn or Avondale.I've had a look at one place in Glen Eden a week ago - 3 brms for $270k, with a bucket of fresh paint would rent out (my estimate) for $350-$380. That's more likely what you need, not Avondale.

[Siberian]

With the 50 k deposit and your income, you should be able to buy out west, or are very very close.

I started out 3 years ago pretty much inthe same position, 50k earning a little more, and bought in kelston. Ideally you would want a 20% deposit, so 60k would let you spend up to 300k... And if you look hard you can find something in Kelston, New Lynn, Avondale and Glen Eden... if you can get try to get near the rail tracks..

Approach BNZ as above, they are really setup up for 1st home buyers... I would suggest buying something you can renovate, live in it do it up, then rent it out as soon as you can. when you start out 6 months is probably not enough time, but how ever long it takes the skills you learn will be valuable.

You will then have equity to buy again.

[AMR]

Just saw some 3 bedroom houses in Woodglen Rd (Glen Eden) asking $259k. They fell off my watchlist this morning though, must have been sold. Pretty good yields on those...