New home secured after frustrating wait

Paul Patterson will move into his new house with his partner in early 2017. Photo / Jason Oxenham

After years of trying to break into the Auckland housing market, Paul Patterson is finally on the ladder.

The 38-year-old salesman and his fiancee, Amanda Thacker, have signed up for a land-and-house package in Takanini which is due for completion in early 2017.

Mr Patterson said he could have managed the purchase even if loan-to-income limits were in place. But with Auckland's dizzying house prices, many low-income workers would be shut out of home ownership by such rules.

"It really puts the bottom end of income earners completely out of the market, so they're going to have to look at renting for the remainder of their life."

He and Ms Thacker live in a One Tree Hill rental. They originally planned to purchase a property for around $450,000 using KiwiSaver funds and a Housing NZ FirstHome grant, but found their borrowing options were limited by restrictions.

Mr Patterson had saved $25,000 through KiwiSaver but Ms Thacker's income pushed them over the $120,000 cap.

"I feel you really have no control over your money. I can't buy a house with my partner's input, nor can I do it without her."

The couple, who plan to marry next year,
eventually secured finance for a four-bedroom house at The Grove in Takanini. Because it is a new build, they needed only a 10 per cent deposit.