Great news for first home buyers!
As of the 1st of August 2016, changes were made to the Government’s Home Start grant which was introduced as a way to help more Kiwis get into their first homes. The changes which reflect the rise in both income levels and house prices since then, give first home buyers a very welcome boost.
A quick rundown of the changes:
Increased income limits = $85,000 individual income ; $130,000 joint income
Increased house price limits = $500,000 for Existing houses ; $550,000 for new houses/ new builds
What this has meant so far, is that many clients are now finding themselves eligible for up to an additional $20,000 towards their deposit. Amazing! What’s equally worth noting is the fact that new builds remain exempt from the new LVR rules so are a great option for first home buyers as banks will finance up to 90% and you get a brand new home to call your own.
Getting into your first home takes careful planning and serious budgeting, but with mechanisms like the KiwiSaver First Home Withdrawal and the Home Start Grant, that first step might not be as far away as you think!
If you are thinking of stepping onto the property ladder, congratulations on making that momentous decision. The information above will hopefully be good news for you – we help our clients take that first step every day, it’s what we are passionate about doing and the reason we’re in the business of mortgages.
So, what are you waiting for? Give us a call, no obligations, we’ll work out how much you can qualify for and get you on the right track to home ownership.