The NZ government are making it a priority for first-time buyers in NZ to get on the property ladder. With numerous initiatives to pick from it certainly is beneficial to individuals who have moved here from another country can take advantage of. They are schemes that do require you to be in the country for 12 months or more though! Here are four ways you can get on the housing ladder in NZ.
- You can use your KiwiSaver.
If you have been making regular payments into your KiwiSaver (find out what KiwiSaver is here) for at least 3 years you can apply for either a Homestart Grant through Housing New Zealand or request that some of your money is withdrawn to put towards your deposit for your first home.
If you’re buying an existing home you can get $1000 for each year you have been paying into your KiwiSaver or if you are buying a newly built home or land you can get up to $2000 for each year you have paid into your KiwiSaver. This is only valid for people who are earning a certain amount of income though, for more information click here.
- 2. The banks like you.
NZ banks have started something here called “Welcome Home Loans”. The criteria is that you must have a 10% deposit, buy a house that costs no more than the maximum regional cap (see here) and as a couple earn no more than $130,000 a year. These is ideal for those who are unable to find the standard 20% deposit to get a mortgage in NZ.
- 3. If you’re a Maori…
Did you know that if you have Maori heritage and your family has ancestral land you apply for money to build, buy or relocate your home on your family’s land? Sure, you need permission from your family first, but its certainly an option to explore! We aren’t even sure a lot of NZ born Maoris know about this scheme! It is quite complex but more information can be found here.
- 4. The KiwiBuild Scheme
The KiwiBuild Scheme is a government led scheme that is allowing first time buyers to buy affordable newly built homes around NZ. The homes vary in size and of course you do need a deposit but can use the Welcome Home Loan initiative or your KiwiSaver to help you along the way. New estates are being built all the time so it is worth registering your interest now and when you are ready to buy you can be the first to know of a new development happening in your region!