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REINZ welcomes ASB announcement around lowered deposits

REINZ welcomes ASB announcement around lowered deposit requirement for KiwiBuild buyers

The Real Estate Institute of New Zealand (REINZ) has today welcomed the announcement from ASB around the lowered deposit requirement for some KiwiBuild home purchasers.

Bindi Norwell, Chief Executive at REINZ says: “It is positive that ASB is committed to supporting more first home buyers achieve their dream with the announcement that they will pre-approve up to 95% of the KiwiBuild home cost for eligible customers. With home ownership at its lowest point in 60 years, this is a positive step in the direction of helping more people get a foot on the property ladder.

“This lowered threshold increases the number of potential buyers, as the regular 20% deposit would still require a relatively high income to achieve and restricts the buyer pool to those in the upper end of the eligibility criteria.

“REINZ would still like to see a modification to the KiwiBuild regime that would see a percentage of the properties being allocated to lower income earners. This would help ensure that those who really need it the most, for example a single parent working two part time jobs to support their family, will have a higher chance of having their name pulled out of the ballot than a single person earning $120,000,” she concludes.

ENDS

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