Is the First Home Grant working?

Mortgage Broker, Mike McGinley wants changes made to the First Home Loan/Grant criteria.

 

If you’re a first home buyer or a previous homeowner and you’ve been contributing to KiwiSaver for a minimum of 3 years, then you may be eligible for a First Home Grant.  The amount you could be approved for will depend on whether you’re buying an existing home or building a new home and how many years you’ve been contributing to your KiwiSaver.   The minimum amount available is $3,000, up to a maximum of $10,000 for each applicant.

There are price caps on how much the property can be purchased/built for and these depend on what region you are looking at purchasing your first home in; the price caps range from $400,000 to $650,000.

It is getting increasingly difficult for first home buyers to fall within the Kāinga Ora criteria for the First Home Grant and for many regions, the scheme is just not working in the current market.

 

Check out the 1 News story below, to find out more:

https://www.tvnz.co.nz/one-news/new-zealand/pointless-first-home-grant-increasingly-touch-property-market

 

 

Check out the below link to see if the First Home Grant may be able to help in your situation:

https://kaingaora.govt.nz/home-ownership/first-home-grant/