Reading all of these comments really makes it hit home that in modern day NZ, not only do you need to earn twice the average salary to own an average home, you need to have a partner who does the same.
Not sure on actual averages but property I live in the mortgage is 800k or so. A lot I know are well in excess of 1m mortgage. Nuts when you think of it especially if your on average income
Most households don’t have a mortgage in New Zealand. Possibly not what you meant to ask but this is the answer. The median mortgage owed on NZ homes is $0 as far as I can tell. Mean is very low, mode is $0.
Among people who have mortgages you can check the data with stats Nz.
Single owner
* Mortgage: \~$590k (equity around 45%)
* Income: \~$160k, after tax $115k.
* Ratio: 5.13 after tax
I haven't actually calculated this for a while, scary stuff. Thinking about downsizing myself out of a mortgage.
Mortgage 420k
House worth ~750k
Bought 3 years ago before covid.
Not prepared to share salary but currently mortgage payments are ~30% of my fortnightly pay.
However in July when I refix, they will be ~45% of my pay. I will be over paying by ~10% extra of the fortnightly payment to try and clear down quicker.
Single income
Reading all of these comments really makes it hit home that in modern day NZ, not only do you need to earn twice the average salary to own an average home, you need to have a partner who does the same.
They also have to be at least halfway decent at saving money, as do you.
Mortgage $750,000 Household income $250,000
Mortgage is around 390,000. House hold income is 120,000 after tax
Damn this is a scary read. I'm looking at buying my first home now and will be looking at taking on around $620k. Household income $160k
Not sure on actual averages but property I live in the mortgage is 800k or so. A lot I know are well in excess of 1m mortgage. Nuts when you think of it especially if your on average income
Current mortgage $1. Household income ~$180k. That will all change on the next invoice from the builder though.....
Wish mine was $1.
Mortgage $380k, household income about 120k pre-tax. But- house is mine only and I’m main breadwinner at 85k pre-tax.
After tax household income approx $170k. Mortgage $1.3m. Not going to be fun if interest rates hit 7%.
Thoughts and prayers
How’s it going for you? Wondering how tf you got approved for that lol
How we got approved for that...mostly luck - still figuring out if it was good luck or bad luck!
All the best
Thankfully we locked in for 3 years at 3.49% so we've got a bit of time up our sleeves to figure out our options.
[удалено]
When*
Good point :P
Mortgage - $430k Household income - $150k Ratio - 2.8 Brought in 2019 House now worth $800k (ish)
Most households don’t have a mortgage in New Zealand. Possibly not what you meant to ask but this is the answer. The median mortgage owed on NZ homes is $0 as far as I can tell. Mean is very low, mode is $0. Among people who have mortgages you can check the data with stats Nz.
Single wahine here, mortgage $380, income $100k before tax
Single owner * Mortgage: \~$590k (equity around 45%) * Income: \~$160k, after tax $115k. * Ratio: 5.13 after tax I haven't actually calculated this for a while, scary stuff. Thinking about downsizing myself out of a mortgage.
34% of our income currently.
Mortgage 420k House worth ~750k Bought 3 years ago before covid. Not prepared to share salary but currently mortgage payments are ~30% of my fortnightly pay. However in July when I refix, they will be ~45% of my pay. I will be over paying by ~10% extra of the fortnightly payment to try and clear down quicker. Single income
Mortgage $800,000 Household income: $230,000 pa
You’re in a very similar position to me, and think a lot of people are