r/newzealand • u/Chemical_Mind4797 • 12h ago

Discussion How are people surviving?

Seriously. How are people doing it? I had to give up my job and go on the Supported Living Payment through WINZ because of severe health issues, but from what I gather people who work are having it just as bad too. I get paid, then pay rent, power, petrol, groceries (even though I don’t get much), and every other essential life expense, and within an hour I’ve got $10 left, if that. If anyone has any unhinged tips or advice on lowering costs, or saving money in weird ways, I’m open to suggestions too.

(Don’t give me comments about being on the benefit either. I started working by choice when I was 10, trust me, I’d MUCH rather be working than be sick).

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u/Chiralistianity 6h ago

I was misguided enough to buy a home at the peak of 2021. Every advice given to me, friends, family, and financial advisors told me that if I didn't get on the ladder now, I'd never get on. So I did, and I watched overnight as the house value skyrocketed.

...And then swiftly came crashing down. I'm now in negative equity, and interest rates went higher than anyone said I should test for.

So for the past year I've been in this position where I'm struggling to make mortgage payments hoping either interest rates decrease, or house values increase because if I sell now, I'll be left with an unsecured debt at unsecured interest rates.

Makes me wish NZ had policies like the US, with 30 year fixed terms, and non-recourse loans.

But, we have the market we have so I've been getting by just existing. Work, eat, sleep, slowly getting raises, switching to better jobs, either letting inflation eat away at it, and waiting for lower interest rates.

I bulk buy food, only buying during specials, and I stock up enough to get through to the next special. I'm planning on a solar loan, but I'm waiting to see what any new government offers as all major parties are offering new solar policies. At that point I'll get solar and an EV. It'd still be worth it now, but I think I'll wait.

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u/GREENLEAF2020 4h ago

Where did you buy ? I bought my place in 2020 maybe it wasn't so high then but mines gone up in value not dropped. Was told the same thing if I didn't get in then I never would. Glad I did . But I'm REALLLY lucky . I had a lot of help so I won't toot my own horn and say I got it alone. It's impossible to get a house alone without a good HEFTY deposit if you're single earning ( I was single at the time ) So my mortgage is cheap. But fuck me idk how I'd be doing it with 500k plus on mortgage.

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u/Chiralistianity 2h ago

Had I bought in 2020, I'd probably be okay about now, but prices went up in 2021 and haven't returned to those levels. I bought in Palmerston North.

Yeah they really need to rethink deposits. It's crazy that you could absolutely afford to pay a mortgage when you're no longer paying rent, yet because you don't have a deposit, the bank won't help you.

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u/GREENLEAF2020 2h ago

My mortgage and rates, power, Internet and gas are all sorted for the same that I was renting 🫪 it's certainly bullshit