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RBNZ: Investors will require 40% deposit from September
You are not screwed at all, you need to look outside of the Banks. Non Banks lending to 80% at 4.99% fixed two years and you don't have to change your daily banking arrangements.
My initial thoughts were what do i need to do right now re. banks. THat's been answered - nothing, because there is nothing i can do.
What I will now do is wait a couple of months to see what happens - then look at new builds and non-bank lenders.
Well i guess there the chances are high that non-banks will change their lending offering soon. Much likely they will offer different interest rates for different LVRs <=60% , <=70% etc
Well i guess there the chances are high that non-banks will change their lending offering soon. Much likely they will offer different interest rates for different LVRs <=60% , <=70% etc
We will see, for the moment I'd say Now is good if people looking for 70 to 80% lending
Well i guess there the chances are high that non-banks will change their lending offering soon. Much likely they will offer different interest rates for different LVRs <=60% , <=70% etc
How did you handle the savings? Did you let them spend it at some point?
Good question. I'm pleased someone has asked it.
Whenever one of the kids wanted to purchase something which was in excess of their weekly spend, they could borrow from their savings. Not just spend their savings, borrow. I've set up a small XL file to take into account interest at 10% PA and they needed to pay themselves back out of their discrestionary spending money before any further borrowoing took place. If they didn't have enough in their savings account, they borrowed from a sibling. Or from me.
The upshot of it was, they knew fully that they could borrow anything but had to pay it back with interest. If the money was not paid back (and it always was) then they could never borrow again. The knowledge that this would be enforced was with them from before they could understand what it meant.
Each of my adult children purchased their first rental when they turned 18 (with their life savings). Two of the three have two rentals. The third is traveling and has assetts enough to purchase when she gets back to NZ.
Each of the three think about consequences before they make a decision. That is the learning which I instilled into them. The fourth? He's 10 and has given a problem to my digamist wife.
He asked what the consequence of doing "X" was and was told. After a couple of hours, he went to her and said he was prepared for the consequence and wanted to do the thing which he was not supposed to do. Hence my suggestion. Never issue consequences on the day you discover the infraction. He basically gained permission to do the naughty thing by accepting the consequences before he did it.
Moderator Observation
Please can those who are ignoring the wisdom in "thinking for many minutes before pressing submit button" take a large step back from their keyboards and avoid getting too personal in their posts.
Well, now who are the real hypocrites? www
interest.co.nz /news/82690/anz-ceo-david-hisco-and-co-operative-bank-ceo-bruce-mclachlan-say-rbnz-should-hit
Migration growth continuing with net gain heading towards 70,000 a year
Migration growth continuing with net gain heading towards 70,000 a year
Can't see how house prices are going to go too far south with so many people coming into the country and wanting them.
I wonder what the split is of students from india/asia vs people with actual dollars to spend on low cost housing. (asian mainly)
I come across a lot of asians in my job and have some lengthy discussions with them about their culture, most of them tell me parents who come into the country from China to visit/live spend very little money on "Things" but will pour considerable money into assets. Ive been to some of their houses and they are nice and big with very little in them. My guess is chinese are all about family and future generations. So the question what is the percentage of immigrants who actual have money and are spending this in NZ on houses.
I bet it is more than what the government came up with recently, when are they going to start to restrict their ability to buy in NZ, or do they even want to.
About the speed limits. Of course as anybody else I might have exceeded it but most of the time not on purpose as I am pretty careful having kids in the car all time. For the record exceeding the limit of 1km/h is legal as there is a buffer of 5km but I take yours as an example and assume that you meant I was exceeding the speed limits breaking rules...
so what you're saying is it's ok if you break rules because you did so carelessly... i refuse to believe that you have NEVER intentionally traveled over the legal speed limit - you are ready to tell me i'm committing fraud while living in your own fanciful bubble...
and your justification is a 5km buffer - the 5km buffer you refer to is a tolerance but doesn't make it any more legal.
I also find it interesting that you react badly when i call you out and suggest denial would make you a liar but you're happy to suggest that by finding a LEGAL loophole it's fraudulent behaviour...
i find it well more offensive to be alleged to act fraudulently (which is illegal) vs. being challenged about potentially being a liar.
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