My income then was way less than half of what I’m earning now and mortgage interest rates were 22.5%.

I focussed on the home first, kids/a family to come a few years later. No point in trying to do it all at once – that’s just plain stupidity.

She would be a board member at Foodstuffs and own the whole block of shops round the dairy by now!

I bought my house when I was 22 years old. I worked hard out. Normal 45 hours, then 4 hours cleaning offices 4 nights per week, then picked up weekend work as well.
I worked my fucking arse off to get that deposit and then pay off my mortgage. What is it with these young lazy people???
Get more than one job, do some fucking work and stop fucking grizzling

Even if you can save $30,000 a $270,000 mortgage would be beyond most incomes surly?

It shouldn’t be difficult with interest rates below 5%, it’s only about $250 a week minimum payment.
Watch out if interest rates go up though.
We all know what sort of policies can cause that.

And a pony.

We bought our first crappy little house in an extremely undesirable hilltop Lower Hutt suburb after 4 years of marriage, both of us working in skilled occupations and saving hard. We went out 3 times a year to the movies and dinner (taking half a bottle of wine, our only alcohol for the year) on birthdays and anniversary. We froze for the first couple of years in the house, with a small one-bar heater, no carpet and no insulation, though we did buy an electric blanket.

This is how you get a house – work and scrimp. And good marks in qualifications attractive to employers are a good place to start. That and 100 ways with mince and cabbage.

Generation Y – gimme gimme gimme i want it and i want it NOW!!

Dime, I'm Gen Y (fuck I hate that term) and I'm not like that.
I have a house. That I saved up for. It was built in 1995. It's in an area of the Gold Coast that's not rough but certainly nowhere near flash. I chose the area because it isn't where all the kiwis live in overpriced houses, and being on the western side of the M1 it's not close to Southport/Surfers but it's not like I go there very often anyway. It's in a sort of "average" area. The house is well built and pretty tidy, but is a bit rough around some of the edges and could have used a bit of redecorating and updating (which I do when I get bored).
I could have borrowed a lot more and got house in a "better" or newer area. I could have bought a brand new one too. But I didn't because I don't want too much debt.

If that makes me a "spoiled little Gen Y kid" then so be it.

Whats over geared DV.

When your cash outgoings (interest) exceed your cash incomings. You need to read your Dickens.

you actually have no idea

About?

Why don’t you try being in business other than a lawyer

I have. Still am.

where you can claim your $300k Merc under the depreciation rules.

You left out: ” … and pay so much FBT that it will make your eyes water, your sphincter collapse and leave you wondering why you bothered.”

its better to own a $300k merc for work than a rental house,when it comes to depreciation

It certainly is. For starters, that $300k Merc is worth about $260K the minute you drive it off the show room floor and onto the road. It doesn’t get any better after that either. I’m not sure why that advances the cause of tax rorts around rental properties though.

Because if the barrier to entry is significantly lowered, then, as Rich Prick notes, her future neighbors aren’t likely to be diligent, hard working people. They will very likely be….and I mean this in the nicest possible way…..trash.

even the mighty Dime worked for 5 years before buying his first house!

The media love to find these bleating idiots. the story writes itself! bet if she could afford a house already it wouldnt be in the right spot.

like a lady i know. her kid is looking for a house. has to be in the right suburb though. first home needs to be the dream home.. 12 months later and they are still looking! bad attitude has cost them 50k plus. they will end up where they should have started.. spoiled little Gen Y kids

Why don’t you try being in business other than a lawyer where you can claim your $300k Merc under the depreciation rules.
i.e. its better to own a $300k merc for work than a rental house,when it comes to depreciation.
Actually if I had enough properties that’s what I would do and claim every cent for the business. would even leave it in the garage at work at night. Financial sense.

A house that cost $40k in 1980 would have needed a $10k deposit.
In today’s terms (comparing wage values) that $10k is just over $50k. Harden up and save it, even if it takes 5 years.
Assuming a $50k deposit and two adults earning reasonable money (average household income is about $80k in NZ) they could buy a house for around $400k, financing a mortgage of $350k at $1000/fortnight over 25 years.

It really does seem that people just seem to have unrealistic expectations.

Problem with Gen X/Y Want the grant mansion now instantly and all the toys. Not prepared to knuckle down and do the hard yards.
BTW daughter/son in law returned from UK/OZ after 5 years and bought a nice modest house in Birkenhead that they are renovating. 90% mortgage both working hard.
It can be done just needs the effort.