1 avr. 2015 - KiwiSaver Homestart Scheme - First home buyers assistance

Description:

A number of changes were made to KiwiSaver and the first home buyers deposit subsidy. The HomeStart scheme increased the support available to first home buyers.
The changes included:
• eligible KiwiSaver members being able to withdraw the annual Member Tax Credit as well as their own contributions and those made by their employer (the withdrawal facility did not apply to the $1,000 government kickstart payment);
• a doubling of the first home deposit subsidy (renamed KiwiSaver HomeStart Grant) from a maximum of $10,000 to a maximum of $20,000 to a couple where both partners are eligible;
• increasing the house price caps to $550,000 in Auckland, $450,000 in Wellington, Christchurch and other areas facing housing affordability issues, and $350,000 for the rest of New Zealand;
• expanding eligibility for Welcome Home Loans by aligning the house price caps with the new KiwiSaver HomeStart Grant (The Welcome Home Loan Scheme provided an opportunity for buyers to secure a mortgage with a 10 percent deposit. The Scheme had its origins in September 2003 as the Home Ownership Mortgage Insurance Pilot Scheme);
• allowing the KiwiSaver first home withdrawal to apply to the building or purchase of a home on Mäori land; and
• clarifying that a KiwiSaver first home withdrawal could only be used to purchase or build a home in New Zealand.
The changes were anticipated to assist 90,000 young New Zealanders over the following five years.
The KiwiSaver withdrawal facility and first home deposit subsidy had been available since 2010 to first home buyers who had been contributing to KiwiSaver for at least three years.

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

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