Header Ad Module

Collapse

Announcement

Collapse
No announcement yet.

$375k house - costs $900 a week

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    Thought I must have been missing something.

    Comment


    • #17
      $900 repayment

      Yeah this had me confused as well. "$900 per week".

      Could it be utter rubbish, is someone responsible? All these questions swirl around my mind the more I read news articles from some of the previously respectable sources of information.

      Buyer beware applies to more than apartments these days.
      Hamish Patel | ph: 09 625 4693 | mob: 021 625 693
      My Website
      Be informed - register for our free monthly newsletter

      Comment


      • #18
        Wonder if the media are taking the pi$$? There have been a few jawdropping comments in the press recently with little or no background. (Apart from the private school foodbank clients above, there was the family last week who were having their house sold up at least partly because they borrowed from a loan shark for a holiday, also the couple in Auckland who couldn't afford a 2 bedroom property in Herne Bay.)

        Comment


        • #19
          Originally posted by artemis View Post
          Wonder if the media are taking the pi$$? There have been a few jawdropping comments in the press recently with little or no background. (Apart from the private school foodbank clients above, there was the family last week who were having their house sold up at least partly because they borrowed from a loan shark for a holiday, also the couple in Auckland who couldn't afford a 2 bedroom property in Herne Bay.)
          Its almost as if the headlines are written first then a loosely related bunch of shallow observations are plastered together to form a soup of mindless chatter.

          Its about cheap entertainment which means something that will take little time and even a lesser degree of class to create. This of course is just my opinion.
          Hamish Patel | ph: 09 625 4693 | mob: 021 625 693
          My Website
          Be informed - register for our free monthly newsletter

          Comment


          • #20
            I guess that $140k pa couple could soon literally keep up with "The Joneses"...

            Comment


            • #21
              Originally posted by Omad View Post
              Interested to know were the mortgage payments of over $900 comes from on a $375,000 house!

              This is from the ANZ home loan calculator:

              Loan Type: Non ANZ Loan
              Term: 25 years
              Loan Amount: $375,000
              Repayment Frequency: Weekly
              Rate: 9.00% p.a. Repayments: $723.15 per week


              With rates at $1400 ($27 per week) and insurance at say $600 ($12 per week) you are still only looking at $762.15 per week.

              Am I missing something?
              Definitely something missing on this one. ANZ's criteria for 100% is P&I over a 20 year term which at 9.5% still only equates out to $807pw so it's likely to be poor journalism.
              For property financial solutions
              CALL 021300192 or [email protected]
              Click HERE to be added to my Advanced Property Finance Newsletter

              Comment


              • #22
                The jones's did go broke didnt they???
                Ha Ha

                Joking aside i think Robert Kiyosaki said years ago at a seminar I went to that people were trying to keep up with the Jones'es trouble is the jones'es were all going broke.

                I used to always say I would never keep up with the JOnes'es I would BE the Jones'es, not the ones who go broke either.


                Private school my son it at is around the same price as St Peters, day pupils pay about $12k from memory and about $24 for boarders I think it was. It is st Pauls Collegiate in Hamilton.

                Comment


                • #23
                  "Cut your coat according to your cloth"

                  The old saying "Cut your coat according to your cloth" still applies. You'll notice the quoted couple also had a leased car, another attempt to keep up with the Joneses?

                  Mind you - $140k pa is a decent income - take home pay of about $100k or $2,000 week. Take $40k out for private schools and wallop you're down to $1,200 which is ok but not fantastic especially with a big mortgage or 2, lease car, credit cards ....... I could see how you could be broke. Personally I'd be taking the kids out of school, it's better than losing the roof over your heads and then they have nothing to come home to.

                  They can always send them to Uni later - more debt.

                  Comment


                  • #24
                    Hi Guys

                    The page that had the article on it, also had a map of NZ showing places that could/should be alright in a downturn, and places that could be decidedly shaky.

                    Rotorua and Tokoroa were classed as shaky mainly because both places have a high proportion of rental properties.
                    So when investors get desperate a lot of properties will come onto the market and thus depress values further.

                    Food for thought.

                    Regards
                    "There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx

                    Comment


                    • #25
                      Originally posted by muppet View Post
                      Don't have a bach.

                      Only own a wife and a car.
                      So would you sell the wife or the car first? Which costs you the most?

                      Back to the article, as soon as I saw the headline, I need that the reporter parents should have seen them to private school as they obviously didn't do very well as maths.

                      Comment


                      • #26
                        what I don't get

                        it says
                        "we're in a better position than most because we have a slightly higher interest rate anyway"

                        Duh!?

                        Comment


                        • #27
                          I think they mean that there won't be a big difference to them if interest goes up since they are already paying at the top level.

                          When I working in banking many years ago, 12% was the standard rate and was for many, many years.

                          Comment


                          • #28
                            Originally posted by Glenis View Post
                            When I working in banking many years ago, 12% was the standard rate and was for many, many years.
                            Inflation was also higher (probably) which means the real rate was less.

                            If the economists and dooms dayers are to be beleived, we are going through a period of high interest rates and negative house growth. Add that to inflation at 4% and it is a bad combination.

                            Comment


                            • #29
                              Originally posted by Glenis View Post
                              I think they mean that there won't be a big difference to them if interest goes up since they are already paying at the top level.

                              When I working in banking many years ago, 12% was the standard rate and was for many, many years.

                              Well yes, what you are saying may be the case but that just makes them 1 more kumara short of a Hangi because the "others" are in a far better position for having cheaper loans.

                              Comment


                              • #30
                                Originally posted by CJ
                                Back to the article, as soon as I saw the headline, I need that the reporter parents should have seen them to private school as they obviously didn't do very well as maths.
                                CJ - did you miss out on the English summer school option??
                                DFTBA

                                Comment

                                Working...
                                X