Aucklander seeking financier for boat to combat housing crisis

An Aucklander has come up with a creative solution to combat skyrocketing house prices but he needs someone to foot the bill.

Zoltan Buday wants to buy a 78ft yacht but says he is short $300,000 and needs a keen financier or philanthropist to lend him the money.

To find interested parties Mr Buday has taken out a half page, coloured advertisement in the New Zealand Herald.

The Australian born Hungarian, who works full time as a croupier at Sky City Casino, has been living in New Zealand since 2008 after immigrating from Australia with his then wife and three children, Jade, 14, Hunter, 7 and Sienna, 3.

He came up with the idea of living on a boat after he and his wife split up around this time last year and he began looking for property to buy.

Mr Buday said the former couple sold their home in Glen Eden early last year for around $700,000, each walking away with around $200,000 after paying off the mortgage on the house. The couple have shared custody of the children.

Since then Mr Buday said he has been renting but has found the cost of rent too expensive.

"I have gone around looking at property close to where we are.. and I can't find anything. Property prices are ridiculous. I have actually spoken to agents in surrounding suburbs and they just laughed when I told them my budget."

Mr Buday said he also looked into building a property but the overall cost was also out of his budget.

"I have been looking at the prospect [of living on a boat] for months and months and have been looking at boats overseas and thought this is something I can afford to do."

Mr Buday said he had spotted a boat, which is currently moored overseas, selling for around $300,000.

The boat boasts four bedrooms, a kitchen and living area and on-board generator, he said.

To fund the dream Mr Buday has asked for the aid of financiers and philanthropists to loan him the money via the advert.

The advert reads: "I currently have $150,000 cash to purchase a 4 bedroom/ cabin motor yacht. The additional money is for the purchasing and delivery costs."

"I just thought maybe there is somebody out there that I just haven't tapped into, this is my swan song. This is like the last chance that I will ever [have]. I just didn't have any other ideas. I'm crossing my fingers that somebody will see it and that it will suit them," he said.

The father of three said he had tried getting a loan from various banks but was told they could only lend him up to $50,000.

"They are not prepared to put in anything over $50,000 because the market is very small. Another problem is that I don't have any property to put it against because they want to make sure that if something goes wrong, they can get their money."

His only option was to get a private loan which he would pay back with interest, he said.

"My understanding is that interest rates for home loans are less than 5 per cent. I have no idea what kind of sum they would be coming up with because no one has come to the party but if it is affordable I will go ahead."

Mr Buday said the Te Atatu Peninsula Harbour Master had given him the thumbs up to moor his boat in the Peninsula harbour for a cost.

Once on the boat, Mr Buday estimated his monthly living costs - including insurance, food, diesel and mortgage repayments - after buying the boat would equate to around $1200 per month which he says is affordable.

"You have just got to do the best you can and it is bloody tough. Walking into the market it was fantastic because we had a bit of cash. Now I am poor compared to what you have to do to get something to live in. It is just a nightmare."

He said without the financial backing he would have to stick to renting.

"It is not the end of the world. I just want to see if I can make it more affordable so I can look after my daughter's uni fees and Jade is going to need braces in a few years. I want to make sure they have got somewhere where they feel comfortable."