We’re taking action to help more New Zealanders into homes, with an innovative new ownership scheme that will help hopeful home owners buy a house over time.
A progressive home ownership scheme as part of KiwiBuild is part of the Confidence and Supply Agreement with the Green Party.
The road to home ownership isn’t easy – so we’ve come up with some alternate routes.
Our plan will help struggling families buy a share of a house, reducing both the deposit needed to get a mortgage, and their repayments. It will mean over time a family can buy further chunks of their mortgage until they own the home outright.
We know saving for a house deposit is a massive hurdle for first home-buyers so as part of this plan we’re also reducing the deposit required for a Government-backed mortgage to 5%, and changing things up so family and friends can each use their $10,000 First Home Grant and their KiwiSavers to buy their first home together.
We campaigned on helping more people into their first homes. We understand there is no silver bullet – but this is just another example of the kind of things we’re doing to get more New Zealanders onto that first rung of the housing ladder.
Building significant numbers of affordable homes is a long-term challenge. We all know New Zealand’s housing crisis has been decades in the making, and is one of the biggest long term challenges our country faces.
Taken together, these changes will help more people buy a home, and help people who have been locked out of the market.