Could the average Aucklander ever afford an average house in Auckland?
Posted by te2ataria on July 6, 2016
Sent by “I Love JOKEY”
Don’t be stupid!
The average price of a home in Auckland: $1 million.
A professional individual on a salary of $49,000 can borrow up to $336,000 [a minimum 10% deposit of $38,000 is required.]
“You’d be looking at repayments of $1,937 per month over a 30 year loan length, based on an interest rate of 5.64% p.a.” says ANZ website.
Monthly salary after tax and deductions: $2,450
Monthly mortgage payment: $1,937
Change left in your pocket: $513 [before house insurance, utility bills, car, food…]
Loan amount: $336,000
Total interest: $361,460
Your total cost: $697,460
But $336,000 would only buy you a third of a house in Auckland.
What if he got married to another professional earning a similar salary?
On a joint annual salary of $98,000, they (ANZ) estimate you could borrow up to $661,000 [allow at least 7 years to save the required minimum 10% deposit of $74,000. Be sure to use birth control!]
“You’d be looking at repayments of $3,811 per month over a 30 year loan length, based on an interest rate of 5.64% p.a.”, says ANZ.
Monthly mortgage payment: $3,811
Loan amount: $661,000
Total interest: $711,086
Your total cost: $1,372,086
But $661,000 would only buy you two-thirds of a house in Auckland.
What if three people got involved and somehow the bank allowed a mortgage on the combined salaries?
“We estimate you could borrow up to $1,067,000. You’d be looking at repayments of $6,152 per month over a 30 year loan length, based on an interest rate of 5.64% p.a. With a minimum 10% deposit of $119,000”, ANZ said.
I can tell you dumbasses any shit I want!
Housing crisis? What housing crisis? In 2007, Mr Key said there was a severe home ownership and affordability crisis in New Zealand. Today, the government acknowledges housing affordability is a challenge but refuses to call it a crisis, despite the fact that average house price in Auckland has almost doubled, reaching nearly $1 million. Photo credit: RNZ / Claire Eastham-Farrelly.
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