Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.

View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 
681 posts

Ultimate Geek
+1 received by user: 236

  # 1708921 24-Jan-2017 18:53
Send private message

Yeah for me its about how much I have left after all outgoings + building a buffer for unknowns.


I think a key thing people should do when assessing taking a mortgage on is to do a financial stress test/sensitivity analysis for possible significant changes e.g.


  • Interest rate changes
  • 1 income vs 2 - incl what sort of duration you could tolerate
  • Shocks e.g. health issues / deaths etc
  • Significant purchases required in the short/med term



And based on this work out what level of mortgage outgoings you could tolerate and also what level of emergency funds you may want to try and set aside.


I remember reading somewhere that the vast majority of people were 3 months (?) away from being homeless/losing their homes should their primary income dry up - which is a freaking worry : /









472 posts

Ultimate Geek
+1 received by user: 175


  # 1708928 24-Jan-2017 19:21
One person supports this post
Send private message

For me it was about 65% of income went to mortgage repayments. Mortgage was paid off in 8 years.


Basically I worked at getting mortgage paid off as fast as I could.


100 posts

Master Geek
+1 received by user: 56

  # 1708929 24-Jan-2017 19:21
Send private message

We are at 27% living in a rural township of South Auckland. With a 6 year old, 3 year old and a nearly there. Wife doesn't work either, but we can cope with interest rates rising up to 14% per annum before we would have to start cutting out things from the budget, or send the wife to work.


One thing a lot of people overlook is appropriate insurance on your income. When we bought our place we got advice and not only do we have health, life, loss of income insurance, but also was advised for critical illness cover. At the worst case we've spent a lot of money on insurance we don't need. But should we need it, we can very easily pay off the mortgage and then live off whatever the other partner can bring in if required.

3731 posts

Uber Geek
+1 received by user: 1631


  # 1709099 25-Jan-2017 02:24
One person supports this post
Send private message

When I bought my first house in mid 2007 I was paying 87% of my income on the mortgage. Only $100 left after the mortgage repayment each week. Only qualified due to slack lending policies at the time. Yes it was risky and a struggle. But I was only 22 at the time. And you would have to be incredibly stupid to pass up an opportunity to buy a house at that age in Auckland.

It's easier for me now but I still wouldn't qualify for the mortgage again under current rules. My income is higher now but still not enough for normal lending. Lots of maintenance to catch up on. But considering house cost 430k at the time and is now worth 1.3mill and at the rate I'm going with the mortgage it will be paid off when I'm about 40 years old.

So it is definitely a case of risk and reward.

I also know someone who bought a house less than 6 months ago. He got his mortgage by getting monthly sales bonus's often enough that he was able to convince the bank that his monthly pay was his standard pay. When it is actually inflated due to the bonus's. If he doesn't make target he only has $200 to pay a months worth of living expenses.

375 posts

Ultimate Geek
+1 received by user: 25

  # 1709121 25-Jan-2017 07:50
One person supports this post
Send private message

28% of a single income in Christchurch, less than what I was saving for the deposit so I'm pretty comfortable. Only issue is I currently cannot get income protection insurance, but I've kept money aside to help cover that and still have the option of getting a flatmate.

1 | 2 
View this topic in a long page with up to 500 replies per page Create new topic

Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:

Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:

Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:

News »

Video game market in New Zealand passes half billion dollar mark
Posted 24-May-2019 16:15

WLG-X festival to celebrate creativity and innovation
Posted 22-May-2019 17:53

HPE to acquire supercomputing leader Cray
Posted 20-May-2019 11:07

Techweek starting around NZ today
Posted 20-May-2019 09:52

Porirua City Council first to adopt new council software solution Datascape
Posted 15-May-2019 12:00

New survey provides insight into schools' technology challenges and plans
Posted 15-May-2019 09:30

Apple Music now available on Alexa devices in Australia and New Zealand
Posted 15-May-2019 09:11

Make a stand against cyberbullying this Pink Shirt Day
Posted 14-May-2019 20:23

Samsung first TV manufacturer to launch the Apple TV App and Airplay 2
Posted 14-May-2019 20:11

Vodafone New Zealand sold
Posted 14-May-2019 07:25

Kordia boosts cloud performance with locally-hosted Microsoft Azure ExpressRoute
Posted 8-May-2019 10:25

Microsoft Azure ExpressRoute in New Zealand opens up faster, more secure internet for Kiwi businesses
Posted 8-May-2019 09:39

Vocus Communications to deliver Microsoft Azure Cloud Solutions through Azure ExpressRoute
Posted 8-May-2019 09:25

Independent NZ feature film #statusPending to premiere during WLG-X
Posted 6-May-2019 22:13

The ultimate dog photoshoot with Nokia 9 PureView #ForgottenDogsofInstagram
Posted 6-May-2019 09:41

Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.

Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron

Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.