WorksheetsBanqer High - Home Ownership Quiz
Total questions: 10
Worksheet time: 5mins
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
