A Helping Hand into your new home
Vue Beachlands is proud to offer both studio and two-bedroom apartments at prices under the Auckland eligibility cap of $875,000 for a new built home.
Take a look below at the Kainga Ora schemes* which may help you to purchase your first home at Vue Beachlands.
First Home Buyers Grant
The First Home Buyers Grant gifts up to $10,000 to help eligible kiwi’s fund a deposit for their first home.
Eligibility is based on the individual or combined income, the cost of the property, and length of time in a KiwiSaver Scheme. In Auckland the key criteria are as follows:
• The property much be purchased at a value of $875,000 or less
• You must have been in Kiwisaver for 3 years or more
• You must be purchasing the home to live in (not as an investment)
• You must not own any other property
• You must have earned less than 95,000 as a single person, or $150,000 as a couple or person with dependents in the last year.
• You must have a deposit of 5% or more
As a new build, if purchasing a home with Vue Beachlands you would receive $2000 for every year you’ve been in Kiwisaver up to a maximum of 5 years.
First Home Partner
If you have a 5% deposit for your new home but are not able to get the full lending from your bank this is where the ‘First Home Partner’ scheme comes in.
This is where Kainga Ora contribute the remaining portion of your mortgage that you are unable to get through your deposit and lending. For example, if you have a 5% deposit and the bank will lend you 80% they will chip in the remaining 15% for a 15% share in your property.
Having Kainga Ora as a shared owner in your property won’t affect you on a day-to-day basis. You will just need to pay them back over time to gain back full ownership of your property.
Applications are considered on a case-by-case basis, and you can receive a maximum contribution of 25% or $200,000 - whichever is lower.
First Home Loan
If you earn under the income caps (detailed below) and have a 5% deposit the First Home Loan scheme is for you. First Home Loans are issued by selected banks and other lenders, and underwritten by Kāinga Ora. This allows the lender to provide loans that would otherwise sit outside their lending standards.
The key eligibility criteria are as follows:
• You must be purchasing the home to live in (not as an investment)
• You must not own any other property
• You must have earned less than 95,000 as a single person, or $150,000 as a couple or person with dependents in the last year.
• You must have a deposit of 5% or more
KiwiSaver first-home withdrawal
If you have been a member of KiwiSaver for at least 3 years, you may be able to make a withdrawal from your savings to put towards buying your first home.
Eligible members can withdraw their KiwiSaver savings (including tax credits). However, at least $1,000 must remain in their KiwiSaver account.
You must intend to live in the property. It cannot be used to buy an investment property.
Find out more
At Vue we love working with first home buyers to help you into your first home. It’s one of the best parts of our job! Make sure you register your interest here so you don’t miss out on one of these amazing homes.
For further information on the schemes listed above please see https://kaingaora.govt.nz/home-ownership
*All information is correct as of the date this blog was published. Be sure to click the link above for full details.