In this episode, we discuss the biggest blunder that Ed made in 2019, or rather where he copped the most flack on social media. In October we created a video suggesting that the average new mortgage in Auckland was around the $280K mark, which was swiftly rejected online.
In this show, we go through the reasons as to why the average new mortgage may be much lower than you might initially think.
This is because:
- New mortgages taken out by first home buyers aren't typically taken out on the median house price. Rather, first home buyers buy cheaper houses and therefore take out cheaper mortgages
- Many new loans are taken out by existing owner-occupiers, who have built equity in their homes and therefore have larger deposits. This means that they don't need to take out large mortgages
The Property Academy Podcast