Parliament

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

Gordon Campbell: On The Budget

It may seem like Oliver to be so bold as to ask the Finance Minister for more gruel – but what the Dickens, Steven Joyce… is this Budget really as good as it gets?

Supposedly, the public was going to receive significant rewards – an election year lolly scramble no less – for the eight years of belt tightening that they’ve endured, and for the rundown of essential public services.

Well, what Budget 2017 delivered instead in Education and in Health were allocations barely sufficient to maintain the current levels of service delivery More>>

Scoop Full Coverage: of Budget Announcements & Reaction
Latest: Scoop Search

 
 

Carer Settlement: Threat Of Staff Exodus In Mental Health

As a result of the recent pay rise awarded to their aged care and disability sector colleagues, many staff in non-government mental health and addiction organisations are considering leaving to join these workforces. More>>

ALSO:

Climate Policy: New Zealand Set To Blow Its Carbon Budget By 27%

The Government’s Greenhouse Gas Inventory shows New Zealand is set to release 647.5 million tonnes of carbon emissions between 2013 and 2020 – 137 million tonnes more than we are allowed under the Kyoto Protocol. More>>

ALSO:

Earlier:

Christchurch Considers Cathedral, Stadium: Cathedral Working Group Report Released

“About half of Christchurch wants to see the cathedral reinstated, the other half wants something new and more modern, but really, everyone just needs a decision." More>>

ALSO:

Auditor-General Stands Down For Investigation: Gordon Campbell On (Not) Taking Responsibility

So Martin Matthews, our current Auditor-General wishes he could have detected “earlier” the fraud that occurred on his watch at the Ministry of Transport. Hmmm. But he could have detected it earlier, surely? That’s the point. More>>

ALSO:

NGOs Pleased: Govt To Halt Collection Of Client Data

Brenda Pilott, the chair of ComVoices and national manager of Social Service Providers Aotearoa, congratulates the government on its decision to call a halt to the collection of individual client data until the concerns of not-for-profit service providers have been worked through. More>>

ALSO:

Gosh: Blasphemy Law Repeal Struck Down

Chris Hipkins, the MP who tabled a Supplementary Order Paper to add our Blasphemy Law to the Statutes Repeal Bill, said this was a "sad day for freedom of speech, tolerance, and leadership". More>>

ALSO:

 
 
 
 

Opening The Election Supporters

 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election