In the Winter 2019 edition of Property Speaking, we outlined schemes available to help first home buyers. Following the government’s announcement on 4 September 2019 of changes to the schemes, some schemes have been re-named:
- Welcome Home Loan is now the First Home Loan
- HomeStart Grant is now the First Home Grant, and
- Housing New Zealand, HLC and KiwiBuild have amalgamated to establish Kāinga Ora – Homes and Communities.
As part of more substantive changes, if you are a first home buyer, you now may be able to:
- Access a First Home Loan and First Home Grant even if you only have a 5% deposit
- Sell a KiwiBuild property after you have lived in the property for one year (instead of three), and
- Pool together First Home Grants to buy a property with no limit on the total grant as long as all buyers will live in that property.
The government has also announced that it will introduce new progressive ownership schemes, such as a rent-to-buy scheme.
If you are unsure about whether you are eligible for a first home buyer scheme or how to apply, we can help.