8 Sept 2006 Jahr - Home Ownership Scheme - extended
Beschreibung:
The Welcome Home Loan Scheme was widened. The scheme underwrote private lenders to give loans to people on the margin of traditional mortgage criteria (ie people who lack a sufficient deposit to meet standard lending criteria). Since the scheme was introduced in 2003, the increase in lower quartile house prices had effectively hindered its usefulness. To combat this, the limit for lending with no deposit was increased from $150,000 to $200,000. The minimum deposit required for lending over $200,000 was changed from five percent of the total loan, to 15 percent of the portion of the loan, which is above the 100 percent lending limit.
The changes meant that a household could borrow $200,000 without a deposit and could borrow up to a total of $280,000 under the scheme. Any borrowing in excess of $200,000 required a deposit (15 percent of the borrowings in excess of $200,000. For example, a loan of $250,000 required a deposit of $7,500 (15 percent of $50,000)
Households could qualify to use the scheme if the consist of one or two people earning up to $85,000 per annum or three or more people earning up to a total of $120,000 per annum.
Source: https://www.msd.govt.nz/about-msd-and-our-work/about-msd/history/social-assistance-chronology-programme-history.html
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