First-Time Buyers Taking Million-Dollar Mortgages | New Zealand News
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First-Time Buyers Taking Million-Dollar Mortgages | New Zealand News
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First-time homebuyers in Auckland are breaking records, with one in eight securing million-dollar mortgages—yes, million dollars—for modest townhouses in places like Te Atatu and Mount Wellington. Nurses, teachers, and police officers are among those taking on these massive loans, driven by lower interest rates and rising borrowing power. Over 330 such buyers signed up in just three months, nearly doubling since 2020. It’s a surreal shift, with seven-figure loans becoming the new norm for ordinary folks who’ve sacrificed, saved frugally, and tapped into KiwiSaver to make homeownership a reality—even if it feels impossible to fathom.
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