1 oct 1986 año - Home Start Deposit Scheme - starts

Descripción:

The Home Start Deposit Scheme was designed to help low-income people with insufficient savings get into home ownership, though filling the deposit-gap. The Scheme was administered by the Housing Corporation.

The scheme replaced the Home Ownership Savings Scheme, Family Benefit Capitalisation and Building Suspensory Loans. Families and people over 26 years of age who were buying or building a first home were eligible for the scheme. A repayable suspensory loan up to a maximum of between $7,000 and $12,000 was available, depending on the applicant’s income and locality. The scheme offered a five-year loan at three percent interest. At the end of the five years, the loan, plus the amount of capitalised interest was required to be repaid in full.

From 1 October 1987, suspended repayment loans of up to $4,000 were introduced to compensate for the effects of thie Goods and Services Tax on the cost of new houses.
In 1990, the scheme was amended to require regular repayments of interest and capital, and in 1991 the scheme was abolished.

Source: https://www.msd.govt.nz/about-msd-and-our-work/about-msd/history/social-assistance-chronology-programme-history.html

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