First Home Buyers

Fairfax Media reviewed the finances on had for a family to purchase a median priced home in November 2007 and found that they required at least $1,396.86 of after tax house-hold income to make a home loan affordable. This in relation to normal living costs to be 40% of the families take home weekly pay which is a significant increase that that required only a year ago with an 18% rise and more to that note is the 121% rise from just over 5 years ago.

The housing market in NZ has been reasonably stable by statistical standards betwen April and November of 2007 but even that has changed after this past month becoming one of the most expensive cities to purchase a home. While we all hope to win big in the weekly lotto we must settle into a focussed point of reviewing our finances now, make a plan and execute to it's full efficiency. Planning will undoubtedly guide us towards that first home or investment property and get a foothold into the market before the prices rise even further out of range like shooting a .22 rilfe at a target 5kms away.

To review current rates in the NZ market, click here href="www.interest.co.nz">www.interest.co.nz