First home buyers jump into scheme

Last updated 05:00 09/08/2014

Relevant offers

Politics

John Key says more spending to boost growth possible, but no need to panic yet Police undertaking to Dirty Politics author Nicky Hager allegedly broken Government moves toward national bowel cancer screening programme Five dumbest tweets from prominent New Zealanders Australian pay packets expected to stall NZ disproves Barnaby Joyce's claim gay marriage would hurt Asia trade MP Clayton Mitchell charged with assault defending himself against gang member Climbing Parliament was no publicity stunt, says activist Christchurch councillors weigh in on anti-Brownlee blog Conservative Party acting board chairman John Stringer resigns

Hundreds of extra New Zealanders have bought property using the Government's first-home buyers scheme since income and house price caps were lifted last year.

Amid a clampdown on low-deposit lending, figures made public by Housing New Zealand show that, in the year to June, just over $326 million was lent to 1429 first-home buyers under the Welcome Home Loan scheme. That compares with just under $172.3m and 845 the year before.

In October, the Government changed the lending criteria for the scheme, which helps first-time buyers into a house with only a 10 per cent deposit and excludes them from bank lending restrictions. The changes lifted the income threshold for first-home buyers from $100,000 to $120,000 a couple, as well as raising the house price cap.

The figures show that in Wellington, 122 people received the subsidy in the year to June, compared with 58 the year before. In Auckland, the number climbed from 52 to 133, and in Hawke's Bay from 60 to 108.

Ad Feedback

- Stuff

Special offers
Opinion poll

Should the speed limit be raised to 110kmh on some roads?

Yes

No

Vote Result

Related story: 110kmh limit moves closer

Featured Promotions

Sponsored Content