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READER REPORT:

Property Ladder: Saving easier overseas

MOSS WILSON
Last updated 05:00 12/04/2013
brunei
TAX FREE: Moss Wilson gave up trying to save for a house in New Zealand and moved to Malaysia.

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I gave up trying to save for a house in New Zealand. Earning a median salary meant the most I could save per week was around $150 - 200 - that was going to get me nowhere.

It would take at least ten years to save for a 20 per cent deposit in Auckland and wouldn't be viable if kids came along and while still paying off a student loan.

I now live in Malaysia where I pay rent of $NZ160 a week for a three bedroom, two bathroom house in community with security. Many other colleagues are paying half that or less. This enables me to save about $NZ400 per week if I try hard and don't crack and buy a whole lot of western food with all the trimmings.

Taking a job in Brunei with a tax free salary of about $NZ50,000 and free acccommodation would see me save even more, possibly $NZ500 a week. This is the only way I can see to get ahead and save for a deposit on a house in New Zealand.

The price of doing this is extreme heat, dairy products priced through the roof ($NZ8 for 200 grams of cheese) and distance from my own culture, friends and family.

I'm not complaining but things seem to have gotten a little crazy in New Zealand with house prices, my theory is to stay overseas saving your pennies until prices come down and wait for that moment to return to New Zealand and buy with a 50 per cent deposit.

Rents are so high in Auckland (the only place with decent non-Government jobs going) that buying is the only option.


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