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  • Writer's pictureJason Wills

First Home Buyers - Good News

Exciting changes with the government budget announcement (May 2022) affecting First Home Loans and First Home Grants:

  • Christchurch House Price caps for First Home Grant increased to $550k for existing homes & $750k for new homes.

  • KiwiSaver requirements have been adjusted, to reduce the threshold amount of regular savings to access the grant.

  • A new income cap category has been introduced for ‘individual buyers with dependents’, with an income cap of $150,000.

  • Relocatable homes that have received a Code Compliance Certificate in the last 12 months can qualify as new properties – increasing the grant amount that applicants can receive.

  • Members of eligible Progressive Home Ownership rent-to-buy schemes can access the new build grant.

  • House price caps have been removed entirely for First Home Loans (income caps and lender requirements still apply), to provide applicants with a greater choice of properties.

These changes come into affect from 1 June 2022.

To find out more information and to apply for a grant, please visit The Ministry of Housing and Urban Development.

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