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KiwiBuild eligibility released: $120,000 for singles, $180,000 for couples

In a nutshell, the KiwiBuild scheme is designed to help first home buyers onto the property ladder. Labour intend to build 100,000 affordable homes over the next 10 years, available to purchase for eligible Kiwis.

Recently it was released who would be eligible to buy a KiwiBuild affordable home. Interestingly, the income criteria is wider than other recent government schemes to help first home buyers – below $120,000 annual as a single, or below $180,000 annual as a couple. Similar to other recent affordability home schemes, potential eligible buyers will enter a ballot.

Here are the latest details on the KiwiBuild Home Scheme:

100,000 Homes

to be built in 10 years

50,000 in Auckland

Rest of New Zealand

will have the remaining 50,000 homes built in Wellington, Hamilton, Napier-Hastings, Queenstown, Tauranga, Whangarei and Nelson

First Home Buyers

You must be a first home buyer, or second chancer (be in the same position as a first home buyer, for example after a relationship split)

New Zealand Citizen

or permanent resident

Three years

you must be intending to own and live in the property for at least three years

Couples

Income cannot exceed $180,000 annual combined

Singles

Income cannot exceed $120,000 annual

One Bedroom Homes

in Auckland and Queenstown will not exceed $500,000

Two Bedroom Homes

in Auckland and Queenstown will not exceed $600,000

Three or more Bedrooms

in Auckland and Queenstown will not exceed $650,000

Price cap rest of NZ

all homes outside Auckland and Queenstown will not exceed $500,000

Labour’s first deadline is to have 1000 built by July 2019. If you or someone you know is looking to get into their first home, it’s never too early to have a chat to an Apex mortgage specialist about home loan finance. It’s a great opportunity to discuss how much deposit you might need, and how much you’ll be able to borrow, to start getting on track today. Get in touch to arrange a chat




 

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