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Author Topic: Eureka!! I found one!  (Read 1352 times)

Offline Happy Expat

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Eureka!! I found one!
« on: March 15, 2007, 04:16:09 am »
I have been searching the internet for days, for a rental house that will allow my 2 cats and 2 dogs!! I finally found one today and secured it! Half my stress has lifted! :D

Right now just need PR to come through so hubby and I can go down together! :(


Offline zatexnz

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Re: Eureka!! I found one!
« Reply #1 on: March 15, 2007, 06:00:13 am »
SO glad you found a home!  Hopefully the PR will come through soon, and then you can start saving up to buy your own place! 

BTW, a question, if you know?  Here in the States, you can claim back some of the interest you pay on a home mortgage, from tax.  Can you do that in NZ?  It sure made buying a house more attractive than renting, here!
lekker sweet as, y'all
~ Colleen

SA Going to NZ Advice Forum

Re: Eureka!! I found one!
« Reply #1 on: March 15, 2007, 06:00:13 am »

Offline Happy Expat

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Re: Eureka!! I found one!
« Reply #2 on: March 15, 2007, 09:45:18 pm »
No sorry, I don't know, but will definately find out! O0


Offline Nolan

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Re: Eureka!! I found one!
« Reply #3 on: March 15, 2007, 09:53:56 pm »
I saw an article on CNN last night about Americans that have bought houses on deals that offer below prime rates for the first few years, then it equalises. This then means that they often end up suddenly paying 50% more per month for their house and can't afford it any more. They reckon that up to 20% of people that have bought houses on this deal will go bang shortly as the equalisation period takes effect.

Offline zatexnz

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Re: Eureka!! I found one!
« Reply #4 on: March 16, 2007, 03:41:39 am »
Yes, the idea is supposed to work that you pay a really low mortgage payment in the beginning, but you're supposed to take the rest of that money that you would otherwise be paying, and invest it in a high-return investment, then when the "equalization" happens, you take the investment and pay off the house.  The other side is that they (the lenders) reckon that most people don't stay in the same house for more than 5 years at a time these days, so that you land up moving and selling before the equalization kicks in.
Yes, it is a bad scheme unless you're very disciplined and invest that money instead of treating it as extra money in your pocket, which is the mistake most young (and old) people make.
The best way to do it, is to buy on a fixed rate for 30 years, for less than you can afford.  Then pay more off on the mortgage than the bank expects and that way, kill the mortgage quicker....
Of course the VERY best is if you are able to buy cash!  ;)
lekker sweet as, y'all
~ Colleen

Offline Happy Expat

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Re: Eureka!! I found one!
« Reply #5 on: March 16, 2007, 07:33:58 am »
Colleen, Just asked hubby about the tax thing on a morgage, and he says they don't do it here! :)


Offline Nolan

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Re: Eureka!! I found one!
« Reply #6 on: March 16, 2007, 09:18:28 am »
Will definately NOT be buying any houses cash with out few Rands when we arrive  :'(

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Re: Eureka!! I found one!
« Reply #6 on: March 16, 2007, 09:18:28 am »

Offline zatexnz

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Re: Eureka!! I found one!
« Reply #7 on: March 16, 2007, 05:44:24 pm »
I think Americans are just totally spoiled!

You know that when you donate to a charity, you can claim that back from tax too?  So people actually get a statement back from the church when they've tithed!  That is why they seem to be so "generous" here!  :coolsmiley:
lekker sweet as, y'all
~ Colleen

Offline Nolan

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Re: Eureka!! I found one!
« Reply #8 on: March 17, 2007, 03:22:48 pm »
Sounds good to me, everybody wins  O0