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

 

For The Birds: Gordon Campbell On The Budget

Budgies, so their Wikipedia page says, are popular pets around the world due to their small size, low cost, and ability to mimic human speech. Which is a reasonably good description of Finance Minister Bill English eighth Budget. . More>>

Max Rashbrooke On The 2016 Budget

The best label for this year’s announcement by Bill English might be the ‘Bare Minimum Budget’. It does the bare minimum to defuse potential political damage in a range of areas – homelessness and health are prime among them – but almost nothing to address the country’s most deep-rooted, systemic social problems. Indeed the Budget hints that these problems may get worse. More>>

ALSO:

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news