1 сент 2003 г. - Home Ownership Mortgage Insurance Scheme Pilot - starts
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From this time, people who would not usually get a home loan because they had an insufficient deposit or did not meet bank lending criteria could apply for a Kiwibank “In Reach Loan”. The Government, through Housing New Zealand Corporation subsidised a mortgage insurance programme to enable Kiwibank to lend to people with little or no deposit.
Eligible households were those with incomes up to and including $50,000, or up to $100,000 if there are more than two main sources of household income and they are all co-borrowers on the loan. Applicants were also required to have a good credit history and be able to meet repayments. Those who qualified did not require a deposit if buying a home up to $100,000 and only a five percent deposit if buying a home over $100,000.
The programme was a pilot scheduled to run for two years. In September 2006, the pilot was extended and later became known as the Welcome Home Loan Scheme.
Source: https://www.msd.govt.nz/about-msd-and-our-work/about-msd/history/social-assistance-chronology-programme-history.html
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