aug 20, 2009 - Welcome Home Loan Mortgage Insurance Scheme - extended
Description:
The following changes were made to the Welcome Home Loan Mortgage Insurance Scheme:
• first home buyers could borrow up to $350,000 (an increase from $280,000);
• extension of the scheme to cover new builds; and
• extension of the scheme to include buying a first home on multiple-owned Mäori land.
The extension to cover new builds and first homes on multiple-owned Maori land were available to eligible borrowers from November 2009, once the product and processes had been agreed with participating lenders.
The increase in the maximum amount was primarily to help first home buyers living in higher priced areas. Housing New Zealand Corporation, who administered the scheme, was given the discretion to constrain lending large sums in areas where house prices were relatively low.
The maximum household income caps remained unchanged (one or two borrowers $85,000 and three or more borrowers $120,000).
Source: https://www.msd.govt.nz/about-msd-and-our-work/about-msd/history/social-assistance-chronology-programme-history.html
Added to timeline:
A chronology of Māori housing in Tāmaki Makaurau - Key events
This timeline charts the changing institutional framework an...
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