Banqer High - Home Ownership Quiz

Why is it important to learn about how to buy a property?

• The process can be pretty complicated with new words

• It's not something you do everyday, so you can't rely on past experience

• For most people it's the biggest purchase they'll ever make

• All of the above

Buying a house is exciting, but you'll want to get it right!

What is not an example of something you should consider when house hunting?

• The price ofthe house

• Whether the house is brick or weatherboard

• What kind of house your friends have

• How much your mortgage repayments will cost each week

If I'm looking at buying a house for $450,000, and want my deposit to be 20%, how much do I need to have saved?

• $50,000.00

• $52,000.00

• Your deposit needs to be higher than 20%

• $90,000.00

I'm thinking of buying my first house, and renting it out while living at home as an investment. Can I use my KiwiSaver?

• No, you can't use KiwiSaverfor your first home

• Yes, it's an investment so will help your KiwiSaver grow

• Yes, it's technically your first home

• No, you can't use KiwiSaver if you're not planning to live in the house

How much would the bank lend me if I buy a house worth $700,000 and pay a 20% deposit?

• $140,000.00

• $150,000.00

• $550,000.00

• $560,000.00

Fixed interest provides you with certainty and predictability.

What is not a benefit of a fixed interest rate?

• The rate will be slightly lower than variable rates

• You know with certainty what your weekly repayments will be

• I can make random repayments whenever I like

• There is no benefits of a fixed interest rate

What is not a benefit of a variable interest rate?

• There are no benefits of a variable interest rate

• You know with certainty what your weekly repayments will be

• My rate may go down if bank rates decrease

• I can make random repayments whenever I like

What is the key thing to consider when assessing your repayment amount?

• That it's a big a possible

• That it's as small as possible

• THat it allows you to get the most expensive house possible

• That it's affordable for you

As a landlord what would you be responsible for?

• Repairs or fixing up the house when things breakdown over time

• Ensuring there is enough insulation in the property

• The mortgage, even if tenants don't pay their rent

• All of the above

If I sell my house for $500,000 with the help of a realtor and they take a 10% fee for their work, how much money do I get?

• $50,000.00

• $400,000.00

• $450,000.00

• $550,000.00