Okay so you have a clear idea in your head about the property you want
and the area you are aiming to purchase in. You have checked out the prices and are confident
you can afford it. Can you? Have you actually put the figures down on paper and worked out a
final weekly, monthly payment you
Property Affordability.
Do this, it is important. The
New Zealand interest rates are not cheap and they may be
getting more expensive over the next few years. So it is important to make sure you allow
yourself a little breathing room when it comes to the finances of your property purchase.
There are many ways to fund your purchase, you can take equity from your existing home, if you
can purchasing a second house, you can get bridging loans, work out deals with banks etc. No
matter what way you raise the deposit, you need to be able to afford the
mortgage repayments.
Have you worked out all the deals with the banks or leading institute you plan to borrow money
from? Are you planning on principal & interest or interest only mortgage, have you got a term
in mind, 10 years, 15, 25 years?
Check out our
mortgage calculators and get an idea of how much you can afford
to spend.
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