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

Greens: Russel Norman To Stand Down As Co-Leader

Green Party Co-leader Dr Russel Norman has announced today that he will stand down as leader at the party’s Annual General Meeting in May. Dr Norman will remain as Co-leader and retain his finance and climate change portfolios until the AGM.

“After nearly a decade as Co-leader, now is a good time to find a new challenge for myself, and to spend more time with my family” said Dr Norman.

“This is my ninth year as Co-leader and I think it’s time for a change. Now is a good time for new leadership for the Party. My replacement will start from a strengthened base and will have a full parliamentary term to establish himself in the role and take the Greens into government in 2017." More>>

 

Gordon Campbell: On The Eleanor Catton Rumpus

If anyone was in doubt about the accuracy of the comments made in India by Eleanor Catton, the reaction from some quarters here at home has gone a long way to proving her point… More>>

ALSO:

More Rent Assistance, Less State-Owned Housing: John Key Speech - Next Steps In Social Housing

"We are going to ensure that more people get into social housing over the next three years, whether that is run by Housing New Zealand or a community provider. The social housing budget provides for around 62,000 income-related rent subsidies a year. We are committed to increasing that to around 65,000 subsidies by 2017/18, which will cost an extra $40 million a year." More>>

ALSO:

The Future Of Work: Andrew Little - State Of The Nation 2015

In 2005 when I led the EPMU we worked together with Air New Zealand to find a way to keep engineering jobs that were heading overseas. A lot of these workers were people I’d known for years and they were facing not just losing their jobs but not being able to find the kind of work they do without going overseas. A lot of people were facing personal and financial upheaval.... More>>

ALSO:

Gordon Campbell: On The Sabin Case, The Pressures On Greece And (Songs About) Coyotes

Mike Sabin is a National MP, and the current chairman of Parliament’s law and order committee. Yet reportedly, he is being investigated by the Police over an assault complaint... However, the PM will not comment on any aspect of the story. More>>

ALSO:

Houses, ISIS, King (& Catton): PM Post-Cabinet Press Conference

The Prime Minister met with reporters to discuss: • Social housing, the Auckland housing market • The prospect of joining international forces to combat ISIS • David Bain’s compensation • The lowering of the flag for the King of Saudi Arabia's death ... More>>

ALSO:

Gordon Campbell: On Tomorrow’s Speeches By John Key And Andrew Little

The Key government has already kicked off the political year on a stridently ideological note, with Environment Minister Nick Smith choosing to lay all manner of sins at the door of the RMA. Tomorrow, the government will wheeling out its best salesman – Prime Minister John Key – to sell its plans for state housing… . More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news