Mortgage Minute: Recent changes to KiwiBuild
In this mortgage minute we recap the recent changes to KiwiBuild.
KiwiBuild was the government's ambitious home building programme, implemented after the 2017 election, which aimed to build 100,000 affordable homes for first home buyers.
After running into countless issues, the target was ultimately dropped and it has been rehashed.
Some major changes to the rules from October 1st include:
- 5% deposits are in. With the deposit requirement for the First Home Loan, formerly called the Welcome Home Loan, dropping to 5%.
- Buying with your mates just got easier. Family and friends are now able to combine their $10,000 First Home Grants together for a deposit.
- Rent to own could become a reality with 400 million allocated to support such schemes.
- Your KiwiBuild home could become your first rental property too, with the live in requirement before selling or renting on 1 bedroom and studio apartments dropping to 1 year only.
- Second chances all around, with the removal of the asset test for second chancers.
The devil is always in the details and I can answer any questions you have and can help you access government support and your KiwiSaver. Give us a call on 03 441 1307