Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


The Co-operative Bank joins Government scheme

Hon Dr Nick Smith
Minister of Housing

17 April 2014

The Co-operative Bank joins Government scheme

Housing Minister Dr Nick Smith today welcomed The Co-operative Bank into the Government’s Welcome Home Loans scheme, bringing the total number of lenders offering the first home loan product to 11.

“The Co-operative Bank’s decision to offer Welcome Home Loans means that more first home buyers will have access to the scheme, and more will be able to realise the Kiwi dream of owning their own home,” Dr Smith says.

Welcome Home Loans are administered by the Housing New Zealand Corporation (HNZC). They allow for those eligible to have only a 10 per cent deposit to put towards the purchase of their first home, with HNZC underwriting the value of these loans. To be eligible, a borrower’s annual income must be $80,000 or less before tax (for one borrower), or $120,000 (for two or more borrowers). Price caps also apply on the houses being purchased and these vary across regions to reflect differing housing markets.

“There has been heightened interest in the scheme since the introduction of the Reserve Bank’s loan-to-value ratio (LVR) limits, and the Government’s expansion of the scheme last year increased the income and house price caps to make Welcome Home Loans more accessible,” Dr Smith says.

“HNZC has approved 1091 loans so far this financial year – 250 more than the number of loans approved in the entire 12 months prior to that. This significant growth can be taken as an encouraging sign that the Government’s efforts are helping those New Zealanders who may otherwise not be in a position to purchase their own home.”

The Co-operative Bank joins 10 other lenders that are already part of the scheme:
• Kiwibank
• Westpac
• TSB
• SBS
• Heartland
• Nelson Building Society
• Baywide Credit Union
• First Credit Union
• Credit Union South
• Fletcher Challenge Employees Credit Union

“I am encouraging other banks to also join the scheme. I want as many New Zealanders as possible to have access to this Government assistance to buy their first home,” Dr Smith concluded.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

CPAG: Government Spends Over $100K Pursuing Beneficiary

For the past fifteen years, Kathryn, now in her fifties and living alone with chronic ill health on a benefit, has been challenging the decision by the MSD that she has to pay back $117,000. She has no assets or savings and cannot afford to pay for fresh food or therapy that would improve her health. More>>

ALSO:

Labour: National’s Cuts Shave $100K Off KiwiSaver By Retirement

New analysis shows National’s constant cuts to KiwiSaver will reduce the average worker’s retirement savings by $100,000 over their working life, Leader of the Opposition Andrew Little says... Since coming to office it has made five separate cuts to the scheme." More>>

ALSO:

Auckland: Transport Operators Switch From SuperGold To AT HOP Cards

Seniors using Auckland’s public transport will need to use their AT HOP cards from today but Auckland Transport has requested its operators to show understanding for those customers yet to complete the switch from SuperGold cards. More>>

ALSO:

Crime Stats: Burglary Up 11.9%

“While burglary rates are still below that of recent years, there has been an increase of more than 10 per cent over the past 12 months, which is of concern to Police and something we are determined to tackle,” says Police Commissioner Mike Bush. More>>

ALSO:

Help: Lifeline Aotearoa Fighting For Survival

Lifeline Aotearoa has announced it only has enough money to run for one more year. By 30 June 2017, all available sustainability reserves and funds from a new mortgage on its Auckland property will be exhausted. More>>

ALSO:

Overseas Investment: Auditor-General To Examine OIO

The Auditor-General is to examine how the Overseas Investment Office collects and manages information following a request from the parliament's finance and expenditure committee. More>>

ALSO:

Gordon Campbell: On Bill English Living In Denial

The working poor have been a direct byproduct of the economic policies in vogue for the past 30 years or more, all over the Western world... That anger was evident in the Brexit vote, and it underlies the support for Donald Trump in the United States. More>>

ALSO:

Final Reading Of Parental Leave Bill: Families With New Babies Victims Of Veto

“For the first time ever, a Bill will have a third reading debate and no vote will be taken at the end because the National Government has used its veto – an extreme measure against families,” says the Bill’s sponsor, Labour MP Sue Moroney. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news