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Thread: Salary, Salary, Salary !!!!!

  1. #11
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    Jan 2006
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    was UK now ChCh
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    According to my calcs....$275 per week corresponds to about $140,000 in mortgage. Please correct if I'm wrong...

  2. #12
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    Apr 2006
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    Hi Singel and thank you so much .
    Is it possible to find accommodation for that kind of money somewhere in Christchurch?
    We visited so many websites, but being a Newzealander you would help us with this info much better.

    Ned & Sania

  3. #13
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    Apr 2006
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    David, you are right mate and with $140,000 mortgage we can't afford place to live!!!
    EVEN MORE CONFUSED!!! WHAT TO DO?????

  4. #14
    Join Date
    Aug 2004
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    Inland Canterbury, NZ
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    I would say that, for $275/wk you should be able to find somewhere to rent in Chch or it's outskirts. I did a quick search on the L J Hooker site for rentals in Chch for c. $275 and it came back with two in decent areas - one was a three bed house - so it's entirely possible for you to perhaps rent for a while until you know how your finances work out.

    If you look through the papers here I am sure you will find many more rentals in that price range.

    As for purchasing for $140k - I would think that is highly unlikely in and around Chch itself, a small house that needs a full renovation, on around 800m2 of land, was sold out here in our village just recently for $220k and we are just over 50km from the city.

    Sorry I based my previous post on $60k income...I misunderstoond. But without wanting to scaremonger I do think you'll be struggling to get by on a joint income of $33k - although I know plenty of kiwi's who do just fine on that sort of income.

  5. #15
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    Apr 2006
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    Thank you Helen ,
    we are definitely having second thoughts.

    Speak to you soon.

    Ned & Sania

  6. #16
    Join Date
    Mar 2005
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    Auckland to UK
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    Based on BNZ's current mortgage rates of 7.50% fixed for 2 years : http://www.interest.co.nz/

    For a loan amount of $170000 over 30 years at an interest rate of 7.50% p.a., your indicative repayment* is $274.31 / week.
    BNZ mortgage calculator : http://www.bnz.co.nz/Home_Loans/1,11...9-2190,00.html

    Here are our monthly expenses for 2 adults, no kid :
    - groceries $700 including eating out
    - council tax $100
    - electricity $85
    - gas $35
    - road tax $17
    - car insurance $70
    - hosp/life insurance $180
    - petrol $200
    - telephone/internet $120

    On top of the above, we also have expenses on Sky TV ($44), NZ Herald subscription ($78), Alarm monitoring ($33) and GP visit, short holidays, etc................ it all adds up

    These will give you some idea about the daily expenses and you will find that it is so crucial to stick to the "less than 40% of your take-home pay rule on your mortgage/rental".

    Ned and Sania, have a look at this real estate website in Christchurch : http://www.realtor.co.nz
    Looks like you still could get houses that are below the price of $180k.
    Forum members living in Christchurch should be able to let you know where are those undesirable areas.

  7. #17
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    I too had originally thought you you meant $66,000 net. Sorry!

    I've just done quick check on www.realenz.co.nz

    You can do a search for residential rentals. Choosing Canterbury and then including surrounding suburbs and choosing a max rent of $270pw - reveals over 50 properties - some houses, some flats. Almost all of them look better than where I'm living now!

    Hope this helps...

    David

  8. #18
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    Jan 2006
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    was UK now ChCh
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    Singel,

    Thanks for that...I shall update my spreadsheet now!

    I had based my calcs on 9% interest rates. (Ever the pessimist!)

    Cheers

    David

  9. #19
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    Aug 2004
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    Inland Canterbury, NZ
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    I also did a quick search for your price range stojsa and found a couple in Rangiora for around $199k.


    "Areas" is a tough one - very subjective. For instance, I personally wouldn't live in the Linwood/Phillipstown/Aranui areas and I think it's pretty obvious when you drive thru those areas what the population of them is like...... when I saw the "cheap" NZ houses on the net from the UK it was very exciting - a detached house with a nice garden for THAT? Wow, I thought.... and when you get here you see where that house is situated and suddenly the price makes sense.....

    Cheap or not... you still get what you pay for, for me at least the "cheap NZ house prices" attraction is long over......

  10. #20
    Join Date
    Apr 2006
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    Singel and David THANKS A LOT !!!
    YOU ARE ALL SUCH A GOOD FRIENDS!!!
    You gave us a little hope, but we are still worried .
    GOD BLESS YOU !!!

    Ned & Sania xx

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