Hello everyone

[Rhodan]

Hi all, I'm new here, so I just I'd make a new post and say hello to you all!

I'll be "lurking" on the forum, reading and researching as much as I can. At the moment I'd love to buy my first property, but unfortunately I have no deposit, so I'll have to research in the mean time!

Any advice is appreciated.

Cheers!

[Rhodan]

Thanks to the others who have already replied to me in the "New comers, NOW is the time to GET STUCK IN!" thread.

[donna]

Hi Rhodan,

Welcome to PropertyTalk.com. Reading the numerous discussions here will provide you with enough ammo to create your own discussions - ask questions etc.

Have fun,

cheers,

Donna

[NZGEMS]

Hi Rhodan,
If you want your own home and you buy something below $200 (Hamilton) I beleive it varies in different towns or cities, you can get a loan with no deposit, called welcome home I think it is.

Investment may be different.

good luck and welcome

[Rhodan]

Thanks for the reply. Unfortunately with "welcome home" your combined income cannot be higher than $80k to qualify, ours is well above that.

[NZGEMS]

Oh well then, I would suggest you find a way of starting to save some of it Rhodan, maybe you could rent something cheaper and save the difference, there are heaps of ways to start saving.
good luck again

[SuperDad]

Thanks for the reply. Unfortunately with "welcome home" your combined income cannot be higher than $80k to qualify, ours is well above that.

Why the sad face?

An income of well above $80K deserves a

How much could you save in 2 years if you really knuckled down?

[Rhodan]

Well we have been here in NZ for just over a year and a half, and spent most of our savings on immigration, hence the no deposit. I'm used to being able to get a 100% or even 110% mortgage where we come from, so this 80% story is something new.

I guess we will just have to wait and save then.

[Gibber]

Well we have been here in NZ for just over a year and a half, and spent most of our savings on immigration, hence the no deposit. I'm used to being able to get a 100% or even 110% mortgage where we come from, so this 80% story is something new.

I guess we will just have to wait and save then.

Save hard. Keep an eye on this forum. If the LVR changes this forum will be one of the first places to spread the news.

The 100% loans allowed the boom to inflate. Bankers not remembering the lessons of the 1920's credit/debt bubble.

While 80% deposits are required, this sticks a lid on how much First Home Owners can afford.

For example, if you have $60K saved

100% financing - dependent on income, banks whim how much you can borrow
95% mortgage - Largest purchase possible 1,200,000
90% mortgage - Largest Purchase possible 600,000
85% mortgage - Largest purchase possible 400,000
80% mortgage - Largest purchase possible 300,000

Check my math for yourself.

With 100% financing the banks were taking a bet that if the person with the mortgage couldn't fund the mortgage, they could get their money back.... They are not so sure at this point in time.

[Rhodan]

Thanks for the advice, will follow this forum closely. What is "LVR" ?

[muppet]

LVR = Loan to Value Ratio

[essence]

Hi Rhodan

The lastest OCR (Overnight Cash Rate) has just dropped to 3.5% (click here), which is the lowest (I believe) ever!

This will have a flow on effect on what the Bank's will charge you for mortgages.

A good time to be buying houses, IMHO.

[Rhodan]

Yes, if only I could get a bank to give me a 100% mortgage, or maybe even 95%.

[FrozenWaves]

95%

Talk to kiwi bank,

I have just had pre-approval for 95% lending in auckland!

[Rhodan]

Thanks for the tip, I'll talk to them. What of criteria did they want?