Would you make the move if this was your situation?

[jirax]

Hi all,

I’ve second doubts about whether I should go to New Zealand. Not sure if it’s financially wise.

- Salary 120.000 annually.
- Family consists of 2 adults and 2 kids (1 & 6 years)
- 1 kid will need to attend primarily school. (Fee?)
- No car required.
- Unfortunately we have a mortgage in the country where we’re from. Our mortgage converted would be approx. 505 NZD per week.
- Seeking for an accommodation for approx. 500 NZD per week.
- Not sure if electricity, water, internet etc. are included in the price in NZ.
- Basic insurance for the entire family.
- Food around 350 NZD per week.

I really want to take the offer and move to NZ, but I’m afraid that we can’t cover the costs. (Due to our mortgage in our home place)
Hope to get some honest opinions here. Would you do it?
Cheers, J

[G-Mo]

Most people would presumably undertake an effort to have their foreign mortgage covered in their absence that doesn't cost them (eg renting).

Depending on where and how you prefer to live, $500/week is probably quite light, I'd add $100 to that budget. It will not cover water (unless the house is on tank), electricity, Internet, TV, phone, rubbish collection, etc...

Commute costs?

If you insist on covering the the overseas mortgage, I'd suggest it's doable at 120k, but not with a lot to spare.

[jirax]

Most people would presumably undertake an effort to have their foreign mortgage covered in their absence that doesn't cost them (eg renting).

Depending on where and how you prefer to live, $500/week is probably quite light, I'd add $100 to that budget. It will not cover water (unless the house is on tank), electricity, Internet, TV, phone, rubbish collection, etc...

Commute costs?

If you insist on covering the the overseas mortgage, I'd suggest it's doable at 120k, but not with a lot to spare.

Hello G-Mo,

Thanks for the quick reply.

Yes, renting would have our preference, but the housing market here really terrible. Chances are that I won't be able to rent out my house.

$500 too light? I always thought that $500 was relatively high already, but again I haven't cross-check it with location etc. (I'll look into that now)

[kiwieagle]

$500 too light? I always thought that $500 was relatively high already, but again I haven't cross-check it with location etc. (I'll look into that now)

It really does depend on your location. There are many places where $500 a week is more than enough.

[Bromley86]

Clearly you've considered selling your house and decided not to, and you say the rental market at home is hard. Have you considered letting your property at far below market rate?

[jirax]

Clearly you've considered selling your house and decided not to, and you say the rental market at home is hard. Have you considered letting your property at far below market rate?

Yes, we have but that's not possible as well.
Our property is currently €50000 (approx. $71000) below the price what we initially borrowed.

[che26]

http://www.dbh.govt.nz/market-rent lists the average market rent for different sized properties across all suburbs in Auckland and throughout NZ in general. Might help you.

[jirax]

http://www.dbh.govt.nz/market-rent lists the average market rent for different sized properties across all suburbs in Auckland and throughout NZ in general. Might help you.

Thanks for the link!

[Oregonkiwi]

- No car required.

Living in central Auckland without a car is certainly possible, but without a car you won't be able to do a lot of things like go to beaches or explore the countryside; things like grocery shopping or taking the kids on outings will be more difficult. Auckland is very spread out and public transport coverage isn't great. https://at.govt.nz/bus-train-ferry/

Basic insurance for the entire family.

If you are covered by the public health system then you don't need health insurance, but you will need insurance for your home (if you buy a house), contents, and car (if you buy one)

Food around 350 NZD per week.

Everyone's needs are different, of course, but personally my family spends about half that on food.

[JandM]

Regarding food and other household supplies, most people find that they can spend quite a lot less after they adjust to what are NZ products that are available more cheaply than buying the (necessarily imported) goods they used to buy in their home country. Also there are NZ ways of shopping to learn - there are old threads that give the details.