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

 


National to help 90,000 first home buyers

National to help 90,000 first home buyers


A new National Government will help tens of thousands more first home buyers and young families into a house of their own, and encourage the supply of more affordable new housing, through KiwiSaver changes announced today by National Party Leader and Prime Minister John Key.

The changes announced by Mr Key at the National Party’s Campaign Launch are projected to help about 90,000 lower and middle income first home buyers over the next five years – 40,000 more than would be helped under current policies.

“The policy will help tens of thousands more first home buyers achieve their dream of home ownership,” says Mr Key. “It will get young families started building what for most will be their biggest asset.”

“National backs young Kiwis who are disciplined, save up and want to put a deposit down on a house. National values home ownership. That’s because it provides stability for families, strength for communities and security in retirement.

“First home buyers have always found it hard, and often that first step is quite a stretch. That is why I believe the changes will be welcomed by potential first home buyers,” says Mr Key.

There are three major changes.

The first is replacing the current KiwiSaver First Home Deposit Subsidy with a KiwiSaver HomeStart Grant. This is a similar scheme, but has higher house price limits, and doubles the support for people who are buying or building a brand new home.

The second is allowing people to withdraw more money from their KiwiSaver account to use as a deposit on their first home. First home buyers will now be allowed to withdraw the Government’s annual contribution to their account – the member tax credit of up to $521 a year – as well as their own, and their employer’s, contributions.

Finally, more people will be able to get Welcome Home Loans, which means they require only a 10 per cent deposit to get a government-guaranteed loan. This will be achieved by making the Welcome Home Loan house price limits the same as those for the new KiwiSaver HomeStart Grant.

“Our changes will give a lot more people the confidence that if they join KiwiSaver and keep saving, they can put together a deposit on their first house,” says Mr Key.

The new policy will cost $218 million over the next five years.
The changes will take effect from 1 April next year.

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Water, Pests, Erosion...: Commissioner Releases Mixed Report Card On Environment

The Parliamentary Commissioner for the Environment has released a mixed report card in her assessment of the state of New Zealand’s environment. “We are lucky to live in an exceptionally beautiful country, but we have some big issues to face up to” said Dr Jan Wright. More>>

ALSO:

Education: Private Schools Beneficiaries Of Extra Cash

“Not only did this year’s Budget freeze operational funding for state schools, but 86 per cent of secondary school principals say they don’t get enough funding, and the demand for school donations from parents is rising at 10 times the rate of inflation... Now we’ve got Hekia Parata proposing more cash for private schools." More>>

ALSO:

Shop Hours Bill Second Reading: Government Blocks Easter Trading Petition

The union representing retail workers is warning that the Government is out of touch with working people after passing the second reading of the Shop Trading Hours Amendment Bill, a law handing local authorities the power to permit trading on Easter Sunday. More>>

ALSO:

Gordon Campbell: On The Shewan Inquiry Into Our Tax Haven Rules

Like the political equivalent of lithium, Prime Minister John Key is routinely administered to dull any politically dangerous mood swings amidst the general public... More>>

ALSO:

Law Commission: Review Of Search And Surveillance Act Begins

“For example, the Act was drafted before cloud-based storage of data was commonplace. In the light of these and other developments, the Commission will be examining whether the investigative powers in the Act are sufficient for law enforcement purposes. We will also consider whether the safeguards that surround those processes are adequate.” More>>

ALSO:

Houses, Campers And Cops: LGNZ Media Briefing

At their quarterly media briefing today Local Government New Zealand addressed areas where local authorities are feeling pressure and outlined their approach for the upcoming local body elections in September-October. More>>

ALSO:

17 Year Sentences In Baby Moko Case: Attorney General On Plea Bargain

“The Crown’s decisions in this case, including the decision to accept the manslaughter pleas, were motivated by the need to secure convictions for this horrendous killing and to avoid the significant risk that either of the defendants could escape such a conviction because of evidential issues.” More>>

ALSO:

As Govt Cuts Lobby Anti-Smoking Group Funds: On The Nation - Plain Packaging Debate

Imperial Tobacco leaves open possibility of law suit against New Zealand government if plain packaging is introduced, as planned. Says it’s a “last resort” but “of course we will defend the right to use our brands”. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news