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BUY NOWJulie Cook is a 41-year-old solo mother, with a dependant 9-year-old son. She has saved $99,000 deposit towards: Residential Property Lending Strand Case Study, NZ
University | Massey University (MU) |
---|---|
Subject | Residential Property Lending Strand Case Study |
Residential Property Lending Strand Case Studies
Case Study 1: Julie Cook
Julie Cook is a 41-year-old solo mother, with a dependant 9-year-old son. She has saved $99,000 deposit towards the purchase of a property in Hillcrest, Hamilton. Julie wants to use her KiwiSaver of $45,000 to include on top of her saved deposit as this is her first home. She has been in KiwiSaver for over five years. Her parents have also decided to gift her $110,000. This gift does not need to be repaid.
Her income is $118,000 per annum gross from her employment as manager of JoLo Courier Drivers. Julie has held this position for over 5 years. She has a good savings record with no current debt level, apart from $500 on her MasterCard. She pays this off monthly and the credit card has a limit of $10,000. She contributes 3% of her income to KiwiSaver. Details of her proposed purchase are as follows:
Address: 21a Masters Avenue, Hamilton
Purchase Price: $750,000
Rates: $2,410 per annum
Insurance: $1,329 per annum
Property Security: The house is plaster-clad, but not a leaky home, with a color steel roof, and was built in 1990. It has had a professional inspection completed and apart from a leaky downpipe, the property is in good condition. This downpipe will be repaired by the vendor, before settlement. Lawyer: John Liu, Boulevard Buildings, 52 Victoria Street, Hamilton Loan: $500,000. This will include provision for any legal fees or unexpected costs.
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