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  1. #1

    Default tricky situation

    Hi all, first time caller here. I’m in a bit of a dilemma and thought I would throw my situation out there and see what others think I should do. Basically, my marriage is coming to an end. There are a lot of really tricky issues to sort out, one of which is to decide what to do with the family home. If I could afford to, I would buy our house and gift it to my wife, but in our current financial position I really don’t think there’s going to be any way we can keep the house…

    The basics are:


    • 4 bedroom house in Stanmore Bay, Auckland. GV $510,000. Approx. $360k mortgage.
    • We have a fair bit of debt. (this part becomes complicated as it almost certainly won’t be split evenly (a lot of it is tied to a business)).
    • I’m currently earning $75k + benefits
    • 4 kids (2 are mine, 2 step kids)

    Nothings ideal here, there are only bad options left (kids and all), but I’m really hoping that we have enough equity that we can both start off again separately. Ideally I would like to get enough out to buy my own property and start over, let’s say enough of a deposit to put towards a $600k house in Auckland, but I’m very worried about serviceability requirements….

    Just to throw things into the mix my sister has been saving for a deposit and has mentioned she is keen on a JV.

  2. #2
    Join Date
    Mar 2013
    Location
    Auckland
    Posts
    1,518

    Default

    Are you aware of current deposit requirements? The $150K equity you have, split between two, will not go very far. And if you did manage to get lending, it would be a pretty onerous mortgage.

    Might pay to think very seriously about your sister's offer.
    My blog. From personal experience.
    http://statehousinginnz.wordpress.com/

  3. #3

    Default

    Quote Originally Posted by sidinz View Post
    Are you aware of current deposit requirements? The $150K equity you have, split between two, will not go very far. And if you did manage to get lending, it would be a pretty onerous mortgage.

    Might pay to think very seriously about your sister's offer.
    Hi Sidinz, thanks for your reply. Yes I'm very aware of deposit requirements. Just to clarify; the GV is $510,000, I'm not sure what the market value is, and I haven't engaged any realtors yet, but have an idea of what similar houses go for in the area. Now if I were to really float the boat and suggest that it may be worth $700k+ that gives us $340k equity (and?) options?

    I am seriously considering my sisters offer, however, I am a little tainted from my experiences, and after what I've been through would be very reluctant to relinquish control of my life...

    What I guess I'm getting at is that ideally I would want to purchase my own place but I know its going to be a fight. Is it possible?


 

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