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Helping first home buyers - A Message from John Key

Helping first home buyers

Key Notes - A Message from the Prime Minister – Rt Hon John Key

For many New Zealand families, their homes are the most important asset they'll ever own.

National knows the value of home ownership because  it provides stability for families, strength for communities and security for retirement.  But we also know that too many hardworking young Kiwis are being locked out of the housing market.

That's why the National-led Government has such a firm focus on improving housing affordability for New Zealand families.

Click here to watch my video journal on this important topic.

Fundamentally, there are too few houses being built, there's not enough land being set aside for building, planning and consenting processes are too cumbersome, and the costs of construction are too high. 
We are doing a lot to address these issues, including housing accords in areas where there are housing affordability problems, and looking at further reform of the RMA with a concentration on land supply and consenting.

We are also looking at further changes to aid first home buyers. Last weekend at the National Party conference in Nelson, I made a significant announcements in this area. You can read my speech here.

We are going to make changes to KiwiSaver to allow more members to access the extra deposit assistance of up to $5000.

We are also amending the Welcome Home Loans scheme, where the Government guarantees loans for qualifying people, so more can access it.

We are also expecting those wanting assistance from KiwiSaver, and getting Welcome Home Loans, to put a 10 per cent deposit together, including the savings they are able to withdraw from their KiwiSaver.

Our changes, which come into force on October 1, build on the package of housing initiatives National announced in the May Budget this year. 

John Key
Prime Minister



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