Upcoming Changes to KiwiBuild, the Welcome Home Loan and KiwiSaver HomeStart Grant will take effect from 1 October 2019 to help more households become homeowners.
The key changes include:
- The Welcome Home Loan is now called the First Home Loan and deposit is reduced to 5 percent for new and existing homes
- The KiwiSaver HomeStart Grant is now called the First Home Grant and deposit is reduced to 5 percent for new and existing homes
- The First Home Grant can now be paid to all buyers, subject to existing income caps
- Occupation rules for owners of studio and one-bedroom apartments is reduced to one year
- Removal of the asset test for previous home owners or ‘second chancers’
- The three-bedroom or more KiwiBuild price cap for Wellington Region will be increased to $550,000.
Also, the government is planning to implement a Build to rent model in New Zealand to encourage home ownership.
We will keep you posted.