By: Jo

Jo — Tue, 30 Dec 2014 04:49:54 +0000

Hi
I saw this article when I was looking for information about who else find it expensive renting a house in Auckland. This article said the biggest crime among the elderly is they never bought a house. I’m a single female turning 52 soon. I’ve been saving for years since I shifted to NZ but the first time I handed over my downpayment, the house was leaking and I’ve spend almost $2,000 for due diligence. So I decided to save more by going without and scrimping and last year I saved more than the 20% deposit then I approached the affordable housing projects in Weymouth. After filling in all the necessary forms and attached proof of document, the result was I qualified to buy one of their houses. They even praise me for my ability to save the amount and how they wish that all their clients are like me. I was all excited but my hopes were dashed when they said that because of my age banks will think twice about giving me mortgage so I should pay a bigger deposit which in the end includes all my savings (at time amounting to $120K) plus all my Kiwisaver, nothing left for emergency! Because I don’t want to have mortgage stress, I was after a 2 bedroom or 3 bedroom house only but they insisted on giving me a 4 bedroom or even a 5 bedroom place which of course would need bigger deposit. They said they only have a few 3 bedroom place and the 2 bedrooms are meant for other demographic group so they are not available to me. They even tried to help me find a solution so I can go for the 5 bedroom place. The solution is to get flatmates. But I don’t want flatmates, I want privacy, peace and quiet that’s why I’m buying a small place. In the end, I ended up with not being able to buy a house because I’m too old for the 20% deposit and yet they insisted on giving me the 4 or 5 bedroom house. What a contradiction! Right now I’m still at this rundown rental unit that is like an oven in the summer and cold/damp/mouldy in the winter. I get sick in the winter in this house which is not being maintained by the landlord and because I’ve been recently diagnosed with chronic pain, I don’t know how long I can work. It’s been many years since I’ve been on holiday and would rather put my pay packet to increase my savings in the hope that I would be able to afford a house one day. I research about the latest on affordable housing and where next they will plan to build. I guess that would never happen considering the frightening house prices and my age. I now furiously save fearing that I might be out on the street when I’m no longer working or if I’m lucky to work until 65, when I retired. Not sure if there’s anyone out there who can sort of guide people like me who find themselves in this situation, wanting to buy a small place but too old for a mortgage. If you decide to reply or point me to the right direction, I would really appreciate. Thank you for your time and God bless.

Comments on: More elderly predicted to join the hard-up

By: Jo