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$375k house - costs $900 a week

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  • Glenis
    replied
    MB - your maths is out by a bit - that's $200 month.

    In Rotorua our rates are $1,600 pa and we have a very modest house in a very average area. My elderly parents pay $3,600 !!

    Leave a comment:


  • Heg
    replied
    Originally posted by mortgage broker View Post
    Do you mean body corporate? Or do you mean you are paying $300 per month just to live over the shore with out taking into account the mortgage cost if any.
    Not body corp - just rates. North Shore City Council rates. PLUS we pay ARC about $500 per year. And guess what - we are in for an alomst 6% increase this year (that's an increase in rates NOT services provide by the council......)

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  • mortgage broker
    replied
    Originally posted by Heg View Post
    Your rates seem a little light. Ours are $2400k per year here on the North Shore and that's not including ARC
    Do you mean body corporate? Or do you mean you are paying $300 per month just to live over the shore with out taking into account the mortgage cost if any.

    Leave a comment:


  • Omad
    replied
    Originally posted by Heg View Post
    Your rates seem a little light. Ours are $2400k per year here on the North Shore and that's not including ARC
    I was using the rates quoted in the article.

    Leave a comment:


  • Heg
    replied
    Originally posted by Omad View Post
    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?
    Your rates seem a little light. Ours are $2400k per year here on the North Shore and that's not including ARC

    Leave a comment:


  • mortgage broker
    replied
    Have you seen our costs for broadband? Or Cell phone calls.

    Leave a comment:


  • Austrokiwi
    replied
    Originally posted by Glenis View Post
    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.
    Woah when did nZ school fees state to match Europes? My two cost me €20000 each a year!!!!

    Leave a comment:


  • CJ
    replied
    Originally posted by cube View Post
    CJ - did you miss out on the English summer school option??
    it is amazing the qualifications you can get in this country without being able to read, write or spell. I will try to remember to proof read in future.

    ps. obviously i was state skool.

    Leave a comment:


  • cube
    replied
    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??

    Leave a comment:


  • outspoken
    replied
    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.

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  • CJ
    replied
    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.

    Leave a comment:


  • Glenis
    replied
    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.

    Leave a comment:


  • outspoken
    replied
    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!?

    Leave a comment:


  • CJ
    replied
    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.

    Leave a comment:


  • muppet
    replied
    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

    Leave a comment:

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