Smart move by this young couple.
If they have the 20% deposit it means they have saved at least $92,000 which is a lot of money for someone to save but it is worth it in the long run.
I do think the article misses out on some important pieces of information such as “do they have the deposit now?” or are they still saving and by having a contract on an apartment that won’t be completed for several years they have that extra bit of motivation to save.
What kind of income are they on? If they are saving nearly $100,000 then they must be on decent incomes, certainly enough to meet all their existing bills which in Auckland can be very high and then save that deposit, maybe they live off one income and if they can that makes it a lot easier, maybe mum and dad have said they will lend them some of the deposit.
In any case it’s still “good on them” for getting on to the property ladder in which ever way they can.
If you want to know what you can do then drop us a line and we will be happy to look at how your too can get on the ladder.
Auckland first-time house buyers Tristan and Jessica Lomberg stepped out of the LVR trap by being hard-out savers.
“We’re living in a one-bedroom flat and we’ve been here three years,” said Tristan Lomberg, a systems analyst married to primary school teacher Jessica.
“We’re a little lucky, going to university and being good savers. We have student loans and a lot of that cash we could have used to pay off the student loans,” he said.
Instead, they still have the loans but saved for their big deposit on the $460,000 three-bedroom north-facing place in Mt Wellington which will be built next year. Their mortgage broker advised them to have a 20 per cent deposit, Lomberg said.