Buying a first home is exciting, but it can also be a challenge for many average New Zealanders. Thanks to the government’s KiwiSaverHomeStart scheme, thousands more New Zealanders have been helped into achieving the Kiwi dream of home ownership.
In April this year, the government doubled support for first-home buyers and since then almost 6,300 KiwiSaverHomeStart grants have been approved.
Young families around the country are telling us they couldn’t have bought their home without this scheme, and that it really is a “dream come true.”
These grants are helping people right across New Zealand, not just in the main cities. We’ve had feedback from Auckland and Tauranga, right down to Christchurch and Invercargill.
Around another 2,500 additional applications have been pre-approved and those people are now looking for the right house to buy.
Couples buying a newly built home can receive Government grants of up to $20,000 and those buying an existing home can get up to $10,000 to put towards a deposit on their first home. First home buyers can now also withdraw almost all their KiwiSaver funds to put towards their first home.
The KiwiSaverHomeStart scheme is expected to help 90,000 New Zealanders into their first home over five years. The government is investing $435 million into this scheme to support more Kiwi families onto the property ladder.
We’ve also expanded eligibility for Welcome Home Loans, which help first-home buyers with only a 10 per cent deposit. In the six months to September, nearly 1,200 new Welcome Home Loans were approved.
While KiwiSaverHomeStart is delivering on its goal to help thousands of New Zealanders into their first home, the government also has a package of initiatives helping to improve housing affordability.
One of our main priorities is increasing the supply of housing. Eight housing accords and Special Housing Areas across the country are freeing up more land for housing by fast tracking and streamlining consents. The total number of Special Housing Areas in Auckland is now 106, with potential for more than 48,000 new homes.
The government has also taken action to constrain building material costs, cut compliance costs, and improve productivity in the building industry. We’re also ensuring everyone, whether from New Zealand or overseas, pays their fair share of tax on housing investments. Through our wide-reaching housing programme, the government remains committed to helping more New Zealanders into their own home.