Plan to help thousands of first home buyers get a deposit

National values home ownership because it provides stability for families, strength for communities, and security in retirement.

This afternoon I had the privilege of launching National’s 2014 election campaign in Manukau and announcing our plan to help thousands of lower and middle income first home buyers get into a home of their own.

The changes to KiwiSaver I announced today will 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 three major changes are:

• Replacing the KiwiSaver first home deposit subsidy with a KiwiSaver HomeStart Grant, doubling the support for buying a new home and increasing the house price limits;

• 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.

National values home ownership because it provides stability for families, strength for communities, and security in retirement.

Read more about our plan to help first home buyers, including a summary of changes, here.

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