jul 4, 2018 - KiwiBuild Scheme - registration of interest

Description:

From this time, people could register their interest in a KiwiBuild home. All eligible buyers would have an equal chance to own a KiwiBuild home at cost price through a ballot system. The eligibility criteria for KiwiBuild homebuyers was:
• first-home buyers or ‘second chancers’;
• New Zealand citizens, permanent residents or those who ordinarily reside in New Zealand;
• intent to own, and live in it, for at least three years; and
• annual before tax income below $120,000 for single purchasers and $180,000 for couples.
Consistent with the KiwiSaver HomeStart Grant, a ‘second chancer’, could not have assets totalling more than 20 percent of the house price cap for existing/older properties in the area they were buying in, which was:
• $120,000 for Auckland;
• $100,000 for Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District; and
• $80,000 for the rest of New Zealand.
This marked the official launch of the KiwiBuild Programme – to build affordable, quality, starter homes for first-home buyers. It was envisaged that the first year would deliver 1,000 KiwiBuild homes by 1 July 2019, adding a further 5,000 homes by July 2020 and a further 10,000 homes by July 2021. [Note: In January 2019, these targets were abandoned with an expectation that only 300 KiwiBuild homes would be delivered in the first year]
The Kiwibuild Programme was designed to deliver affordable homes within a price cap:
• Auckland and Queenstown $500,000 (1 bedroom), $600,000 (2 bedroom), $650,000 (3+ bedrooms); and
• rest of New Zealand $500,000.

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

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