Helping hand for first-home buyers in Christchurch

Monday, August 24, 2015

First-home buyers in Christchurch are making the most of the Government’s help to become home owners.

“In Christchurch there have been 207 HomeStart applications approved since Government support for making a deposit on a house doubled in April.  So far, 169 applications have been paid out”  says Nicky Wagner.

“I would encourage all first-home buyers in Christchurch to check whether they are eligible, if they haven’t already. Over the next five years, HomeStart is expected to help 90,000 people achieve their home ownership dream.

“HomeStart is proving popular, with 6,788 applications across New Zealand in the first quarter. Of those, 2,011 have been approved, 1,740 pre-approved, and another 2,016 are being processed.

“This is the most generous support for first-home buyers in a generation. The Government has already paid out $7.2 million in grants for 1,195 properties.

“The HomeStart package came into effect on 1 April this year, replacing the KiwiSaver First Home Deposit Subsidy. First-home buyers can apply for grants of up to $10,000 for the purchase of an existing home, and grants of up to $20,000 for a new-build.

“KiwiSaver HomeStart is part of the Government’s wider programme to improve housing affordability. This includes freeing up more land faster through eight Housing Accords and 118 Special Housing Areas, as well as measures to constrain building material costs, rein in development contributions, cut compliance costs and invest in improved productivity in the construction sector. New tax measures come into effect in October to ensure people who invest in housing pay their fair share of tax.”