Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


First home buyer grants welcomed in Hutt Valley

First home buyer grants welcomed in Hutt Valley

National’s candidates Lewis Holden and Chris Bishop have welcomed today’s announcement by the Prime Minister and Housing Minister to double the Government support for first home buyers.

“The package announced today will help more first home buyers in Hutt Valley achieve the dream of owning their own home over the next five years,” Mr Bishop says.

“In Hutt City, the new house price caps for the KiwiSaver HomeStart Grant and Welcome Home Loans schemes will be increased from $350,000 to $450,000.

That means many more people in Hutt City will be able to get government support when buying their first home.

“In Upper Hutt, the new house price caps for the KiwiSaver HomeStart Grant and Welcome Home Loans schemes will be increased from $300,000 to $450,000.This is great news for the people of Upper Hutt,” Mr Holden says.

The package comprises three changes:
Replacing the KiwiSaver First Home Deposit Subsidy with a HomeStart grant, doubling the support for buying a new home and increasing the house price caps;
Enabling larger KiwiSaver First Home Withdrawals by including the member’s tax credit (meaning first home buyers will now be able to withdraw all of their KiwiSaver savings except the $1000 kick-start);
Expanding eligibility for Welcome Home Loans by aligning the house price caps with the new KiwiSaver HomeStart grant.

“Nationally, we are roughly doubling the number of people receiving a Government grant to buy a first home from 10,000 per year to 20,000 per year, and doubling the Government grant they are eligible for if buying a newly-built home,” says Mr Holden and Mr Bishop.

In all, this new package will help about 90,000 lower and middle income first home buyers over the next five years.

“It will ensure that more New Zealanders are able to attain the dream of owning their own home.

“The intent of the package is also to increase the supply of new housing and to encourage housing companies to build homes in a price range that is affordable for first home buyers.

Currently, individual first home buyers are eligible for a grant of $3000 after three years in KiwiSaver, $4000 after four years and $5000 after five years.

Under HomeStart, this grant will double to $6000 after three years, $8000 after four years and $10,000 after five years for the purchase of a newly built home.

The changes to the KiwiSaver First Home Withdrawal in enabling access to the member’s tax credit will increase the maximum withdrawal amount by $512 per year for each year a member has contributed.

The KiwiSaver First Home Withdrawal is limited to members buying a first home, who have been contributing for a minimum of three years. The KiwiSaver HomeStart grant and Welcome Home Loans have additional criteria of people having an income below $80,000 for an individual and $120,000 for a couple, and the house being purchased must be below the regional house price caps.

The package will cost an additional $218 million over the next five years, and come into effect on 1 April 2015.

“HomeStart complements the wide programme of work the National Government already has underway to improve housing supply and affordability,” says Mr Holden and Mr Bishop.

“We are freeing up more land supply, reducing building material costs, reining in infrastructure and compliance costs and investing in sector skills and productivity.”

More information:
https://www.national.org.nz/news/features/first-home-buyers

Summary of changes:
www.national.org.nz/docs/default-source/PDF/2014/pr-attachments/homestart-summary-of-changes.pdf?sfvrsn=0

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality.

To date, the Greens have opposed (a) a wide range of the leaked content of the TPP (b) the secretive way it has been negotiated and (c) the undemocratic way in which any final document would be ratified. Labour has shared some of those concerns, but while remaining generally supportive of the deal itself.

National has, for its part, been very enthusiastic about the TPP, while still giving assurances about Pharmac being protected... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

 
 

Gordon Campbell: On The Farcical Elevation Of David Seymour

With the election won, it’s time to find jobs for the boy. David Seymour is the Act Party’s latest scrounger to be rewarded by the National Party, and not only with a seat in Parliament. More>>

ALSO:

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

'Safe To Re-Enter' - OIA Docs: Safety Is Absolute Priority At Pike River Mine

“We understand that the time it is taking to complete our evaluation of the risks is frustrating for the family members and we are trying to complete this work as quickly as we can,” Ms Dunphy says. “It is Solid Energy’s responsibility to make this decision and we will do so, once we have all the information required to make a fully-informed decision.” More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
More RSS  RSS
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news