How to get yourself a KiwiBuild home

 

Couples can earn up to NZ$180,000 and qualify for one of the government’s new KiwiBuild homes, but they’ll have to live in them for three years.

They’ll also have to be first-home buyers, be New Zealand citizens or permanent residents, and not be earning over NZ$180,000 as a couple or NZ$120,000 for a single person.

Housing and Urban Development Minister Phil Twyford has outlined the eligibility rules for the government’s new housing project, which aims to build thousands of affordable and quality homes for Kiwis, amid an unaffordable housing market.

Kiwis are ‘struggling to buy’

“We know that New Zealanders at and below these incomes are struggling to buy a home, especially in high-demand areas such as Auckland and Queenstown,” Twyford says.

“For instance, a couple of teachers may have a combined income of between NZ$150,000 and NZ$170,000. For a nurse and police officer earning upwards of NZ$120,000, and for an engineer living alone, NZ$90,000. A decade ago these families would have been able to afford a home, but they are now locked out of the market.”

At least 50,000 homes will be built in Auckland. In Auckland and Queenstown, price caps are $500,000 for a one-bedroom, $600,000 for a two-bedroom, and $650,000 for a three or more bedroom. Elsewhere the cap is $500,000.

People can register their interest in purchasing a KiwiBuild home here.

A ballot will decide who gets to buy

When it gets closer to homes becoming available, once you’ve proved you’re eligible, then you’ll enter a ballot. If you’re drawn from the ballot, you’ll get the first opportunity to buy.

In the first year, there will be 1,000 KiwiBuild homes built, with production reaching 5,000 homes by June 2020, and 10,000 homes by June 2021.

“KiwiBuild is about restoring the Kiwi dream of home ownership to those families who traditionally would have expected to own their own home but who are struggling because of the lack of lower-priced, starter homes available,” the government says.

First published 9 July, 2018

Story by Claire Connell

JUNO does not contain financial advice as defined by the Financial Advisers Act 2008. Consult a suitably qualified financial adviser before making investment decisions. This story reflects the views of the contributor only. Content comes from sources that JUNO considers accurate, but we do not guarantee that the content is accurate.


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