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

 

Gordon Campbell: On The Govt’s Token Plans For Cyber-Security

Basically, the world is divided into two types of people: those who think the Panama Papers illustrate the bad shit that some people do, and those who think the Panama Papers illustrate what needs to be done to make sure no-one else discovers the shit – good or bad – that they’re doing. More>>

ALSO:

Gordon Campbell: On Pharmac’s Grudging Concession To Reality

Is this any way to run a health system… whereby terminally ill patients are forced into public demonstrations before the government (and its funding agency Pharmac) will grudgingly provide the money for life-saving treatments freely available and publically funded in Australia for the best part of a year? More>>

ALSO:

Labour: Healthy Homes Bill Passes First Reading

Some of New Zealand’s most vulnerable children and families are on their way towards safer living conditions with the passing of the first reading of the Healthy Homes Guarantee Bill in Parliament last night, Leader of the Opposition Andrew Little says. More>>

ALSO:

Werewolf Satire: Home, And A Way

The one thing even more popular than an Auckland house is offering advice on how to afford an Auckland house. So, on the grounds it can’t be worse than some of the stuff that’s out there, here’s my three cents* worth. [*Up 50% since 2013!] More>>

ALSO:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news