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Porirua City / E.Info@Interest.Co.Nz / P APRIL 2020 PORIRUA CITY WWW.INTEREST.CO.NZ / [email protected] / P. 09 3609670 PORIRUA CITY HOME LOAN AFFORDABILITY REPORT April 2020 Home loan affordability is a measure of the proportion of take-home pay that is needed to make the mortgage payment for a typical household. If that is less than 40%, then a mortgage is considered ‘affordable’. The following are typical assessments for households at three stages of home ownership. FIRST HOME BUYERS 25-29 YOUNG FAMILY 30-34 OLDER FAMILY 35-39 First home buyers earn a medi- Young family buyers earn medi- Older family buyers earn medi- an income for their age group, an incomes in their age bracket, an incomes in their age brack- and buy a first quartile house and buy a median house in et, and buy a median house in in their area. Both parties work their area. One partner works their area. Both partners work full-time. half-time. full-time. Mortgage payment as a Mortgage payment as a Mortgage payment as a percentage of the take home pay percentage of the take home pay percentage of the take home pay Take Home Take Home Take Home April 20 36.1% April 20 21.8% April 20 13.7% Pay Pay Pay $1,648.44 April 19 27.9% $1,446.82 April 19 28.2% $2,013.47 April 19 17.8% per Week per Week per Week April 18 27.6% April 18 24.6% April 18 18.0% This report estimates how affordable it would be for a couple This report estimates how affordable it would be for a couple This report estimates how affordable it would be for a couple where both are aged 25–29 and are working full time, to buy a with a young family to move up the property ladder and buy their who are both aged 35-39 and working full time, to move up the home at the lower quartile price in Porirua City. next home at the current median price. property ladder and buy their next home at the current median It assumes they earn the median rate of pay for people of their It is assumed that one partner works full time and one works half price. age in their region, which would give them a take home pay of time and both are paid at the median rate for people of their age It is assumed that both are paid at the median rate for people $1,648.44 a week. in Porirua City, and that they receive the Working for Families of their age in Porirua City, and that they no longer receive the It is assumed they would have saved $75,574 to use as a deposit, allowance. Working for Families allowance. by putting aside 20% of their net pay each week for up to four That would give them total after tax weekly income of $1,446.82 That would give them total after tax weekly income of $2,013.47 years, earning interest on the savings at the 90 day bank deposit a week. a week. rate. It is also assumed they purchased their current home five years It is also assumed they purchased their current home 10 years ago To buy a home at Porirua City’s lower quartile price they would ago for $298,000, which was the lower quartile selling price in for $281,000, which was the lower quartile selling price in Porirua need a mortgage of $584,426. Porirua City at the time. City at the time. They would need to set aside $595.23 a week to cover the If they sold that home for the current lower quartile price in If they sold that home for the current lower quartile price in mortgage payments, which would be 36.1% of their take home Porirua City of $660,000, they would have equity of $418,287 to Porirua City of $660,000, they would have equity of $456,273 to pay. use as a deposit on a new home. use as a deposit on a new home. Mortgage payments are considered affordable when they take up If they purchased a home at Porirua City’s current median price of If they purchased a home at Porirua City’s current median price of no more than 40% of take home pay. $730,000 they would need a $311,713 mortgage. $730,000 they would need a $273,727 mortgage. On that basis it would be affordable for a young couple earning The repayments on this would be would be $314.92 a week which The repayments on this would be would be $276.54 a week which the median pay rate to buy a lower quartile-priced home in would be 21.8% of their weekly income. would be 13.7% of their weekly income. Porirua City. Mortgage payments are considered affordable when they take up Mortgage payments are considered affordable when they take up no more than 40% of take home pay. no more than 40% of take home pay. On that basis it would be affordable for the couple in this example On that basis it would be affordable for the couple in this example to move up to next rung of the property ladder and buy a home to move up to next rung of the property ladder and buy a home at Porirua City’s median price. at Porirua City’s median price of $730,000. 2 WWW.INTEREST.CO.NZ / [email protected] / P. 09 3609670 PORIRUA CITY KEY DRIVERS OF HOME LOAN AFFORDABILITY April 2020 HOUSE PRICES INTEREST RATES AND MORTGAGE PAYMENTS The median house price was $730,000 in April, up from $700,000 The average bank interest rate for two year 2 Year Fixed rate last month. The median house price was $610,000 in April 2019 fixed mortgage rate was 3.302% for April, -67 basis points less than the 3.974% twelve months This Month 3.302% which puts annual growth at 19.7%. Five years ago the median was earlier. $410,000. Prior to the emergency rate cuts in March by the A Month Ago 3.343% Dwelling sales in April were 8, down from March’s 62. They are now RBNZ, market mortgage rates were stable but A Year Ago 3.974% soft. But as many countries shut down with the higher than the 56 sales twelve months ago and lower than the 70 Mortgage advancing Covid-19 coronavirus, the prospect of sales five years ago. Payment low fixed rates falling further is rising. (Weekly) The lower-quartile house price was $660,000 in April, up from Our model assumes borrowers switched to a 2 First Home Buyers $595.23 $585,000 last month. Annual growth was 37.5%, from the $480,000 year fixed rate in June 2014, following the shift lower-quartile house price in April last year. reflected in RBNZ data. Young Families $314.92 First Rung Buyers $276.54 First Quartile Median House House Price Price Porirua City April 20 $660,000 $730,000 INCOMES (WEEKLY TAKE HOME PAY) March 19 $585,000 $700,000 April 19 $480,000 $610,000 First Home Buyers Young Families First Rung Buyers First home buyers are aged 25-29. A Young families are ages 30-34. A First rung buyers are ages 35-39. A household is on male and on female household is one make, a female household is one male, one female, April 18 $440,000 $520,000 both earning median incomes. There and a child aged five. One partner and school aged children. Both par- is no child in this household. Take works part-time. Take home pay is ents work full time. Take home pay is First Quartile House Price Growth MedianApril 15 House$298,000 Price Growth$410,000 home pay is gross pay less income gross pay less income tax. gross income less income tax. tax. National The growth in these are as follows: The growth in these are as follows: The growth in these are as follows: April 20 $462,000 $680,000 Weekly Change Weekly Change Weekly Change March 19 $480,000 $665,000 Apr 20 $1,648.44 2.02% Apr 20 $1,446.82 2.08% Apr 20 $2,013.47 2.04% April 19 $400,500 $580,000 Apr 19 $1,615.81 2.35% Apr 19 $1,417.37 2.21% Apr 19 $1,973.17 2.17% April 18 $375,000 $550,000 Apr 18 $1,578.77 1.65% Apr 18 $1,386.79 1.58% Apr 18 $1,931.26 1.65% April 15 $303,000 $452,000 Apr 17 $1,553.10 Apr 17 $1,365.25 Apr 17 $1,899.85 3 WWW.INTEREST.CO.NZ / [email protected] / P. 09 3609670 National New Zealand Auckland Region Auckland Central North Shore Auckland South Auckland West Wellington Region Wellington City Hutt Valley Porirua Katpiti Coast Wairarapa Northland Whangarei Waikato and Bay of Plenty Hamilton Tauranga Rotorua Hawkes Bay and Gisborne Napier Hastings Gisborne Taranaki, Manawhatu and Whanganui New Plymouth Palmerston North Wanganui Nelson and Marlbourough Nelson Cantebury Christchurch Timaru Otago, Central Otago Lakes and Southland Queenstown Dunedin Invercargill 4 WWW.INTEREST.CO.NZ / [email protected] / P. 09 3609670 Notes This work must be referred to as The interest.co.nz Home rate. The home loan is assumed to be a standard table mort- Disclaimer Loan Affordability series. There are two related components gage, where both interest and principal is repaid in a fixed IMPORTANT – PLEASE READ – the Standard Home Loan Affordability series, and the First- weekly payment made in arrears.
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