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| Thread ID: 63485 | 2005-11-11 05:09:00 | Government intervention in the housing market. | martynz (5445) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 403464 | 2005-11-11 22:27:00 | How many people remember the time when the rough rule of thumb for a mortgage was 21/2 your annual income. Apply that now in NZ; average annual income is $40,000, X 21/2 = $100,000. Where can you buy a house for that? As for estate agents, I sold my house in the UK, in 2003, and paid 1% commission. Here it can be 41/2% to 5% and advertising costs. Don't tell me that the greedy bastards don't benefit from soaring house prices. Martynz |
martynz (5445) | ||
| 403465 | 2005-11-11 22:33:00 | You can buy a house for under 5 grand in Patea. That aside, There are many places around NZ were you can live, the world doesnt finish on the ourskirts of Auckland. |
Metla (12) | ||
| 403466 | 2005-11-11 22:41:00 | I'm going back a bit now, but in the UK, the major source of lending for house purchase was by way of the building societies, an almost unheard of institution here. That's right, for average Joe Bloggs, 90% maximum mortgage with house value not exceeding 2 1/2 times annual salary/average earnings. Usually any wifes earnings was not counted, as it could not be relied on to continue. Here banks and others are desperate to lend, that why there tends to be so many mortgagee sales. The alternative formula was annual repayments (from memory) not to exceed 1/4 of income. |
Terry Porritt (14) | ||
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