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

 


Mike Pero and the HomeStart package

POSITIVE OUTLOOK FOR FIRST TIME BUYERS

25 August, 2014

Mike Pero believes the proposed National housing plan would be positive for the housing market.

Over the weekend, National announced their $218 million HomeStart package which aims to help an estimated 90,000 first home buyers and young families into their own homes.

“I believe it’s a very positive outlook for homeowners and for the country’s housing problem. It’s a hand up rather than a hand out and I believe it fits well with the state of the nation and for thousands of people considering home ownership over the next few years” says Pero.

The HomeStart scheme would replace the Kiwisaver First Home Subsidy. It would assist those buying a new home by increasing support and house price limits. It will also allow first home buyers to withdraw a larger sum from their Kiwisaver savings (however they wouldn’t be able to withdraw their $1000 kick-start).

“In my experience it’s not the debt servicing that’s the issue for new home buyers, it’s getting the deposit together that’s the tricky bit so this seems to me to be a good start” said Pero.

Currently, first home buyers are eligible for a grant of $3,000 after three years in KiwiSaver, $4,000 after four years and $5,000 after five years. Under KiwiSaver HomeStart, this grant will double to $6000 after three years, $8,000 after four years and $10,000 after five years for the purchase of a newly-built home.

“On an example of a $550,000 home with a 10% deposit the repayments might be as low as $700 per week. If a couple of Aucklanders were renting they’ll be paying close to that in rent and if they could save, their savings would hardly keep up with inflation. My philosophy has always been buy now, pay later and you should always aim to get into a home as soon as you can. The earlier the better.”

The house price limits for KiwiSaver HomeStart and Welcome Home Loans will be $550,000 in Auckland, $450,000 in Wellington, Christchurch and other similarly-priced housing markets, and $350,000 for the rest of the country.

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 limits.

If National is re-elected, the changes would come into effect in April 2015.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

TV3 Videos: Key's Flip-Flop Over Whale Oil Texts | Slater
Reaction: Greens | More
Dim-Post Link: The Very Odd Slightly Left Of Centre

Gordon Campbell: On Government Arrogance

Right now, National is ramming anti-terrorism measures through Parliament. This legislation will grant the SIS the power to carry out 48 hour bouts of surveillance on anyone without a warrant, and will bestow on government the power to unilaterally revoke anyone’s passports and thus deny them the freedom to travel.

Ludicrously, the public has been given exactly one day to make submissions on these major infringements of their civil liberties. Despite Finlayson’s misleading signals on RNZ that these are only stopgaps until next year’s full review of our security laws, the measures in question will not, in fact, expire until 2018.

Why the insane rush? Good question. More>>

 
 

Parliament Today:

Key Texts With Whale Oil Released: PM Can’t Be Trusted Over Dirty Politics Defence - Greens

John Key’s answers to questions about dirty politics can’t be trusted, after he was forced to admit that he had misled journalists and Parliament about contact with attack blogger Cameron Slater, said the Green Party today.. More>>

ALSO:

Temporary Release Crackdown Continues: Corrections Review Of Phillip Smith Case

“The review by Corrections’ Chief Custodial Officer reveals that the plan for Smith’s series of temporary releases was overly ambitious and misinformed. He’s a highly manipulative and deceptive person who although technically eligible, should not have been considered for temporary release." More>>

ALSO:

White Ribbon Day: Govt Resumes Sexual Violence Trial Proceedings Work

Justice Minister Amy Adams has asked the Law Commission to resume work on proposals for better supporting victims of sexual violence through the criminal process. The Law Commission will revisit its previous work on alternative pre-trial and trial processes to identify options for improving complainants’ experience in court. More>>

ALSO:

"New Faces, Wise Heads": Andrew Little Announces New Labour Line Up

Labour Leader Andrew Little today announced a bold new caucus line up which brings forward new talent and draws on the party’s depth of experience. More>>

ALSO:

Gordon Campbell: On Rick Ellis As Te Papa’s New CEO

The recent appointment of former TVNZ boss Rick Ellis to head Te Papa has copped a fair bit of criticism. Much of it has been inspired by the suspicion that Ellis has been hired to pursue the same purely commercial goals as he did at TVNZ, while similarly neglecting the serious cultural side of his mandate. More>>

Passport Cancellation, Surveillance: Draft 'Foreign Fighters Legislation' Released

The final draft of the Countering Terrorist Fighters Legislation Bill contains proposals previously announced by Mr Key in a major national security speech earlier this month. More>>

ALSO:

Related

Joint Statement: Establishment Of NZ-China Strategic Partnership

At the invitation of Governor-General Lt Gen The Rt Hon Sir Jerry Mateparae and Prime Minister The Rt Hon John Key of New Zealand, President Xi Jinping of the People’s Republic of China made a state visit to New Zealand from 19 to 21 November 2014... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news