First home buyers in the Hutt taking advantage of HomeStart

Hutt Valley news
Wednesday, August 26, 2015

First-home buyers in the Hutt Valley are making the most of the Government’s HomeStart scheme.

“In the Hutt Valley so far there have been 139 HomeStart applications approved for first-home buyers. In total to date, $545,000 in HomeStart grants have been paid to future Hutt Valley home owners,” says Chris Bishop, National List MP based in the Hutt Valley.

“I would encourage all first-home buyers in the Hutt Valley to check whether they are eligible, if they haven’t already. It ensures more Hutt residents are able to attain the dream of owning their own home. Over the next five years, HomeStart is expected to help 90,000 people achieve their home ownership dream.

“Housing in some areas of the Hutt Valley is the most affordable in the entire Wellington region and the HomeStart package will allow more young families access this affordable housing. HomeStart is proving popular nationwide, with 6,788 applications across New Zealand in the first quarter. Of those, 2,011 have been approved, 1,740 pre-approved, and another 2,016 are being processed.

“This is the most generous support for first-home buyers in a generation. The Government has already paid out $7.2 million in grants for 1,195 properties.

The HomeStart package came into effect on 1 April this year, replacing the KiwiSaver First Home Deposit Subsidy. First-home buyers can apply for grants of up to $10,000 for the purchase of an existing home, and grants of up to $20,000 for a new-build.

“KiwiSaver HomeStart is part of the Government’s wider programme to improve housing affordability. This includes freeing up more land faster through either Housing Accords and 118 Special Housing Areas, as well as measures to constrain building material costs, rein in development contributions, cut compliance costs and invest in improved productivity in the construction sector. New tax measures come into effect in October to ensure people who invest in housing pay their fair share of tax.”