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Thread: Decent Salary + house buying

  1. #1
    Join Date
    Mar 2016
    Location
    USA
    Posts
    2

    Default Decent Salary + house buying

    Hi There,

    I have been offered a job in New Zealand (Auckland).

    The Salary is $165k base plus bonuses.

    Is this a decent enough Salary to have a decent live style and buy a house? I understand Auckland is very expensive and my kiwi friend told me I would need to buy in a cheap suburb with this salary.


    Thanks
    Jack

  2. #2
    Join Date
    Aug 2009
    Location
    Scotland to Wellington
    Posts
    1,454

    Default

    Look on trademe.co.nz for house prices.
    It obviously depends on how much money you already have. If you have a large deposit, sweet as. If not, then yes, you will probably struggle. I think you need a 20% deposit minimum.
    Talk to a bank and see what they say and do a lot of research online.

  3. #3
    Join Date
    Dec 2014
    Location
    The Shire
    Posts
    327

    Default

    Your base salary is already 2-3 times higher than an average Kiwi.
    165k + bonus! OMG I'd dream of it.
    An average house in an inner suburb of Auckland (Parnell, Ponsonby, St Mary Bay, Cashmere, Orakei, Newmarket etc) can cost from 1m to 2m.
    Go a bit further (New Lynn, Pt Chevalier, Mt Eden, Howick etc) often from 800k to 1m
    More further (Mt Wellington, Mt Roskill, Otahuhu, Onehunga, Henderson, Flat Bush, Manukau etc) you can get house from 600k
    North Shore properties are more expensive.
    Waitakera City & South Auckland are much cheaper.
    But considering your very high salary, it's not hard to afford a house at all.

  4. #4
    Join Date
    Sep 2015
    Location
    UK to WLG to UK
    Posts
    67

    Default

    On $165k, you can probably borrow $500k on a 20-year mortgage (most bank websites have mortgage calculators), so provided you have another 500k or more in cash, you should be fine.

  5. #5
    Join Date
    Mar 2016
    Location
    USA
    Posts
    2

    Default

    Thank you, very uplifting :-)

  6. #6
    Join Date
    Jun 2012
    Location
    New Zealand
    Posts
    5

    Default

    @jack1212 : Off topic - but I was getting curious since not many employers pay that high salary here!
    Which industry are you in? and if you don't mind sharing your job title/post

    Thank you, and good luck with the move

    Cheers
    - A

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