If National wins ...

[winner69]

I dont remember it being easy. 1989 mortgage rates were 16%.

Maybe it was easy because interest rates were trending down from 18.8 in 1987 and 17% in 1983. Not as easy when Craic was in housing. 5.5% in the mid 60's

1957 interest rates were around 5%

I had a 2nd mortgage at 26% in the mid 70’s

[craic]

Early seventies we had the "oil shocks". I remember starting as a timber inspector at the handsome salary of $1,750 per annum and public servants had several salary jumps in two or three years. I remember remarking to a fellow inspector "If this keeps up we'll be on $5,000 in no time". I went to State advances to increase my mortgage payment but they wouldn't hear of it and told me to save my money and pay off lump sums. I advertised for a model C Valiant that I could afford and finished up with a VG Hemi for less from a disgruntled rural bread and paper delivery contractor who was offered little or nothing on a one year old trade in - he gave it to me for what the dealer was offering. Those were the days.

[Snow Leopard]

[minimoke]

I had a 2nd mortgage at 26% in the mid 70’s

Jeez we are showing our age. But weren't they the days. I remember them well. At that time I was in my second property but first "home". Sold the love of my life (an immaculate Holden Torana GTR XU1), moved the girlfriend in for a bit of cash, not enough so bought the flatmate in for more cash. Still not enough so got the second job. Even worked Saturdays. Sunday was the day off to work on the house as it was a doer-upper. New furniture - no chance. all second hand though managed to get a sharp deal on a TV somehow. Not a new home. 26% had me totally maxed out. 26.5% would have tipped me out onto the streets.

[winner69]

Jeez we are showing our age. But weren't they the days. I remember them well. At that time I was in my second property but first "home". Sold the love of my life (an immaculate Holden Torana GTR XU1), moved the girlfriend in for a bit of cash, not enough so bought the flatmate in for more cash. Still not enough so got the second job. Even worked Saturdays. Sunday was the day off to work on the house as it was a doer-upper. New furniture - no chance. all second hand though managed to get a sharp deal on a TV somehow. Not a new home. 26% had me totally maxed out. 26.5% would have tipped me out onto the streets.

Well done mini. Yes sacrifices were made in those days eh

Better not mention that these days - though I’m sure some are doing much the same these days and getting into their homes ....but too many expect it to just happen.

[elZorro]

The National Party got off lightly with the Eminem 'Lose Yourself' copyright infringement court case result, announced today. It could have been US$1.4mill plus interest, instead it was NZ$600,000 plus interest.

https://www.stuff.co.nz/entertainmen...inemesque-song

So I guess, Mr Joyce, it wasn't "pretty legal". He really should have known better, he owned radio stations at one stage. I would be a bit upset if I'd been donating funds to the National Party, that's going to make a bit of a dent in their bank balance.

[Sgt Pepper]

Jeez we are showing our age. But weren't they the days. I remember them well. At that time I was in my second property but first "home". Sold the love of my life (an immaculate Holden Torana GTR XU1), moved the girlfriend in for a bit of cash, not enough so bought the flatmate in for more cash. Still not enough so got the second job. Even worked Saturdays. Sunday was the day off to work on the house as it was a doer-upper. New furniture - no chance. all second hand though managed to get a sharp deal on a TV somehow. Not a new home. 26% had me totally maxed out. 26.5% would have tipped me out onto the streets.

My first house.
It was 1981. A nice 1930s bungalow in Opoho Dunedin. On the market for $28000. Nervously I made an appointment with the Mornington branch of the Otago Saving Bank. I had $10000 saved for the deposit, was employed and had a good credit history.
My application was declined. The manager said they had cut back on mortgage finance, and blamed it on Rob Muldoon. My then girlfriend mother told me to go to her lawyer and got a temporary bridging mortgage, at 12%. Eventually refinanced through the United Building Society. By 1986 my mortgage was 21%p.a.

[minimoke]

. My then girlfriend mother told me to go to her lawyer and got a temporary bridging mortgage, at 12%. Eventually refinanced through the United Building Society. By 1986 my mortgage was 21%p.a.

And that's my concern with this whole affordable housing thing. If people cant get into a house now with super low interest rates and low unemployment how are they going to cope when they have been levered into a house only to find interest rates escalate, property values fall and the job market doesn't look that great. All inevitabilities in the lifetime of a mortgage. We've lived through the high rate times - that's a bit different from knowing only low rates.

[Aaron]

And that's my concern with this whole affordable housing thing. If people cant get into a house now with super low interest rates and low unemployment how are they going to cope when they have been levered into a house only to find interest rates escalate, property values fall and the job market doesn't look that great. All inevitabilities in the lifetime of a mortgage. We've lived through the high rate times - that's a bit different from knowing only low rates.

It is a concern but as more debt and lower interest rates are the answer to every economic crisis you might be able to have faith in economic theories and economists. We know central banks have got borrowers backs. I suspect we are following Japan. Look at their interest rates in Japan for the last 24 years.
https://tradingeconomics.com/japan/interest-rate
Provided you only have a 25 year loan you should be sweet.
It would only be if we had genuine, across the board economic growth that interest rates might rise, which would immediately cause a housing and financial market crash which would require rates to come down again. As Janet Yellen has said we are unlikely to experience another financial market crash in our lifetimes.

[minimoke]

As Janet Yellen has said we are unlikely to experience another financial market crash in our lifetimes.

I was in Christchurch on 4 September 2010 and the experts all said after that was the worst over and there wouldn't be a similar event again. Consequently I do not believe the word of any expert in any field - and that will remain my view in my lifetime