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Thread: Property in NZ

  1. #71
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    Default Re: Property in NZ

    Most of all red tape slowing down development and people sitting on their house instead of building new.

    What's this all about!, why should we build new again?, we are happy here.

    Had a State Advance Corp. 3% loan initially and that went up to 5%. Shame that system went away.

    lurking.

  2. #72
    Senior Member piroska's Avatar
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    Default Re: Property in NZ

    Quote Originally Posted by Lurking View Post
    Had a State Advance Corp. 3% loan initially and that went up to 5%. Shame that system went away.

    lurking.
    Well interest rates are rather low at the moment you know. It's never been the issue really, getting the deposit is.
    Even with my son, he was on good money but with rent, child support and all the usual bills, saving, on his own, wasn't possible. He had $30K in kiwisaver then, not enough.
    Ex-pctek

  3. #73
    Soaring like a chicken prefect's Avatar
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    Default Re: Property in NZ

    I setup a Post Office home ownership account when Piggy was PM, I did it because I was spending a horrific amount of money pissing up, guns, cars and motorcycles etc
    Sort of forgot about it until I got a letter from POSB saying hey you have heaps of money what about buying a house? Bought a new house with big double garage and shed in Blenheim although had to get a second mortgage. Interest rates were very high but so was inflation. Had to get a second job so I had money for pissing up, guns cars motorcycles etc. I lived in an old farm house in Okaramio $10.00 a week between three of us but the deal was we had to help the farmer fix farm equipment (well the RNZAF) did cart hay.
    Most of my mates were single as well at the time and they all had their own houses as well.
    Last edited by prefect; 22-11-2020 at 09:03 AM.
    Its amazing how Potatoes give us chips,fries and Vodka.

    Get your s*** together every other vegetable.

  4. #74
    Soaring like a chicken prefect's Avatar
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    Default Re: Property in NZ

    Quote Originally Posted by piroska View Post
    Well interest rates are rather low at the moment you know. It's never been the issue really, getting the deposit is.
    Even with my son, he was on good money but with rent, child support and all the usual bills, saving, on his own, wasn't possible. He had $30K in kiwisaver then, not enough.
    Child support, speaks volumes
    Its amazing how Potatoes give us chips,fries and Vodka.

    Get your s*** together every other vegetable.

  5. #75
    tweakedgeek tweak'e's Avatar
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    Default Re: Property in NZ

    Quote Originally Posted by Lurking View Post
    Most of all red tape slowing down development and people sitting on their house instead of building new.

    What's this all about!, why should we build new again?, we are happy here.

    Had a State Advance Corp. 3% loan initially and that went up to 5%. Shame that system went away.

    lurking.
    please don't take it so personally.
    its just those who would normally build a new house are being held up or put off by the red tape.
    there is also things like councils who tax the developer who passes the cost onto the home buyer, which pumps the house price up. new homes are funding the council to pay for services for everyone.
    so they don't build a new house (or delay it), sit in the old house which increases demand which pushes up house prices. then they take that profit to pay the council etc. which in turn trickles back to first home buyers.
    so in a way you could say first home buyers are the ones funding the councils.

    there is lots of causes to the issue.
    Tweak it till it breaks

  6. #76
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    Default Re: Property in NZ

    Is this a good share!!.

    NZ Rural Land Co.

    Yesterday's The Press page 7.

    It's a start-up company and it's going to lease out the land it's buying to farmers' and food producers.

    Been burnt before on IPOs', (Initial Public Offer).

  7. #77
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    Default Re: Property in NZ

    On the news today: the banks are looking at charging investors' interest on their term investments!!!.

    Time to withdraw and invest in shares, methinks !!.

    lurking.

  8. #78
    Retired old codger kenj's Avatar
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    Default Re: Property in NZ

    Quote Originally Posted by Lurking View Post
    On the news today: the banks are looking at charging investors' interest on their term investments!!!.

    Time to withdraw and invest in shares, methinks !!.

    lurking.
    Put it under the mattress

    Ken
    Corgi Ben Kenobi.......Related by Corgi to the Queen

  9. #79
    Senior Member piroska's Avatar
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    Default Re: Property in NZ

    Quote Originally Posted by Lurking View Post
    Time to withdraw and invest in shares, methinks !!.
    Ah yes shares.
    When we had the in the 20s % mortgage, the flip side was the savings interest rates.
    Husband took his redundancy, paid off the house, and after a while decided the savings should come out, as the rates were starting to go down, so he bought shares. It was the thing, everyone saying buy shares etc etc.

    He did.
    Brierley, Goldcorp and the like...........


    So for a short time we actually had money.
    Then he got into the plumbing business and we got another mortgage....

    Later he burnt the certs in the fireplace.
    Ex-pctek

  10. #80

    Default Re: Property in NZ

    Quote Originally Posted by Nomad View Post
    I am not so much a property type person myself. To me it is a more functional use. Do NZders mainly go for a house because they want appreciation? I question this because if many of them ever only have 1, they could downsize but they lose out b/c the houses down the ladder cost proportionally more for the same size, but they also can't just sell it because they have to live somewhere. Maybe pass it down as a inheritance?

    Thoughts?
    We bought our first house for nine years wages and sold it for fourteen years wages so that was worth it. But we bought our house because we were tired of paying rent and the repayments amounted to less per week than the rent we were paying and, of course, we were then paying the money to ourselves rather than paying for someone elses Mercedes. We paid off the principal when we could and now we are mortgage free with only things like rates and insurance to pay, and now we are retired we don't have the expense of a mortgage. It's a great.

    I agree with Wainui 100%. He has the right idea.
    It is better to wear out than to rust out.
    - Richard Chamberlain, Tour of the Hebrides

    Us husbands are a sorry lot.

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