[NeilV]

Having avidly read alll 14 pages of the "How do people survive here (http://www.emigratenz.org/forum/showthread.php?t=7740&page=14&pp=10)?" thread, I was hoping to lay out where I'm at and ask for advice:

We have $80K savings already in NZ, and about $5K still to bring with us.

My wife and I are both teachers, but it will be at least 2-3 months before I am able to start work [possible a year if I need to "retrain"!! [see THIS (http://www.emigratenz.org/forum/showthread.php?t=8893) thread for more]

She is likely to start the week we land as she is NZ trained and citizen, at +/- $35-$40K / year

We would like to buy a car for $10K and then look at buying a house within 3-6 months [near Auckland as her family is there]

Question: with $60-$70K deposit, how much could we safely [B]afford to budget in buying our [1st ever] house? :confused:

Any oppinions welcome :D

[NeilV]

More information maybe?

Although for a short while we will both be working, I would like to base our mortgage on a single salary as a teacher, since we would like for her to be home till the kids start school, and we are both Primary teachers :no

As teachers we don't really need to be too close into Auckland, as we will only really go there [Papakura actually] out of hours, and schools are found even in the most rural of places
just really to visit her family scattered across South Auckland :nice1

[Ana&Steve]

Hey NeilV, you just need to give the NZers a bit of time to wake up. It's still a little early there! :)
Ana

[MB]

Neil - hello! I am assuming that you did indeed intend to use those '$' signs to mean NZ dollars, rather than GB pounds. Sorry if that sounds insulting, but I just want to make sure I have your figures right. NZ$80K + NZ$5K to come, right?

I think you will soon start to look to the cheaper areas in and even (considerably) outside Auckland, if you have those amounts. Furthermore, you might find that a number of ENZ forumites will be pretty blunt about the viability of buying anywhere around Auckland with that kind of equity. Personally, I will go as far as to say that you will probably have to be very careful indeed to make things work. Even if your other set-up and living expenses are low and well disciplined, I think that once you arrive you will find it unnerving to use all of that $60-70K on a deposit. You might find that you slash your deposit lump to $40-50K, just to keep a chunk in reserve.

Even then it might well be that you almost immediately find yourself scouting for $190-260K properties, and for those you will need to look in, e.g., parts of the north Waikato/central Waikato. They exist, but they do incur a heftier commute (with consequent fuel costs). However, if you guys are prepared to be really resourceful -- working in a school outside Auckland or car-pooling are good examples -- you can soften the commute-cost blow.

If you are prepared to be very ingenious, cheap and cheerful for a while, you could just about make things work somewhere fairly near Auckland. But I strongly hesitate to paint a picture to you of the Auckland region as an easily inexpensive place in which to set up (sorry: probably telling you what you guys already know). Even somewhere far cheaper, such as Otago or parts of the lower-central N.Island with their $130K-200K houses, would still leave you something of a balancing act, but they are in many respects more in line with your $$$ situation.
If you want to be anywhere near Auckland on that money, you will likely have to steel yourselves for a pretty challenging year or two.

If I have your figures right, I think it more likely that you will have to change your projections in at least one major cost regard: e.g., look to the Waikato for a small, affordable house (might be a very good choice for you if, e.g., you can find a commute partner. There are some nice little cottages on biggish lots. We live in the Waikato: PM me if you like).
Another major cost change might be if you both manage to start jobs by, say, the time you stop renting. Then, if most of your $$$ are still intact for a deposit, things would look a little easier if you find a property in the Auckland region and considerably easier if you find one outside that region.

Another thing you will want to watch for -- and I'm pretty sure you have realized this already -- is that you don't eat heavily into your equity by, e.g., renting in Auckland longer than you absolutely have to. This is another reason you might find yourselves looking quickly to put your money into an affordable rung of the property market.

Sounds to me like you will be on a financial tightrope, but there are probably folks who come over with a lot less than you guys and who manage to get through the set-up years.

All the very best. Whatever NZ property strategy you choose -- and you might well have to adapt your suggested plan of action -- I really want you guys to come and make it happen! :nice1

[MB]

Neil - hmm. Am just re-reading my reply to you and wonder whether I gave you too many words, when just figures would have done the job. Sorry if so!

[NeilV]

Hey NeilV, you just need to give the NZers a bit of time to wake up. It's still a little early there! :)
Ana
Ta :)

[NeilV]

Neil - hmm. Am just re-reading my reply to you and wonder whether I gave you too many words, when just figures would have done the job. Sorry if so!

Just busy PM'ing you with more details and questions :yes :)

[Myrkk]

Hi

Just interested in what you mean by a "heftier commute"? How long would you equate this to?

Ta