Home Affordability Planning Calculator

The following calculator is based on a couple with two young children living in Auckland and looking to buy their first home. The calculator is for general guidance only and does not guarantee that all variables are available, up-to-date or accurate. 

Income and Expenditure Annual   Weekly Household Income   $ $ 576.92 Less Tax   $ 4,270   $ 82.12   Gross Income  $ 25,730   $ 494.81   Tax Credits and Supplements   $ 19,864   $  382.00     Net Income  $ 45,594   $ 876.81   Rent 40%  $ 18,200   $ 350.00 Home deposit saving 10%  $  4,597   $ 88.40 Other Costs 50%  $ 22,594   $  438.40   Net Outgoings  $ 45,594   $  876.81	Buying a home Years to save a deposit 6.5   $  30,000     Kiwisaver Grant     $  10,000   Kiwisaver employer contribution     $  5,873     Total Deposit   $  45,873   21% Deposit Mortgage   $  174,127     Value of property   $  220,000   4.41 Income Multiple
	Paying off the Mortgage Average Interest Rate   7.0 % Loan Repayments $ 15,958 35% of income Years to pay off loan   23.6   Years to a debt free home   30.1
Notes: Auckland's Average Annual Household Income (April 2014): $99,700
Grants and Subsidies Annual   Weekly   Working for Families Tax Credit Annual   Weekly Accommodation Supplement $ 8,580   $ 165.00   Family Tax Credit $ 8,164   $ 157.00               In-work Tax Credit $ 3,120   $ 60.00               Minimum Family Tax Credit $     $                   $ 11,284   $ 217.00