The price of a home eliminates first -time home loans

The Government will make it easier for more people to enter the buildings.

Thursday, May 19th 2022, 2:01 PM

and Eric Frykberg

His 2022 Budget raises the thresholds for state assistance for homeowners.

This comes with changes to the system of First Home Grants and First Home Loans.

Housing Minister Megan Woods said the government was increasing housing prices for the First Home Grant to match market prices for new properties.

This will increase from $ 700,000 to $ 875,000 in Auckland and from $ 650,000 to $ 925,000 in Lake Queenstown, with similar or minor changes to other centers.

“We’re removing home price caps from First Home Loan, to provide a wide selection of homes for first -time home buyers,” he said.

Funding will be provided for an additional 7,000 First Home Grants and 2,500 extra First Home Loans earned each year.

Woods added the price of the house and the coins were checked every six months to make sure they were up to date.

In addition, the Kāinga Whenua cap will be increased from $ 200,000 to $ 500,000 to provide options and opportunities for people to build, move, or buy a home on Māori land.

Changes to the First Home Grant begin today, May 19th. 22

Changes to the First Home Loan and Home Loan rules will begin on June 1st.

In addition, the new Affordable Housing Fund will provide $ 350 for use in relationships with investors, philanthropic organizations, developers, and others to increase the number of housing options available to people. not recognized by the market.

He will intend to create affordable rental properties.

The move came on the heels of measures to alleviate the crisis at a time of rapid rise in prices.

They plan to increase the fuel excise duty and RUC price cuts for the next two months. This will cost $ 235 million.

It will be extended by half the cost of the car for the same period, at a cost of $ 132 million. People who hold a community service card get this indefinitely.

It will also provide a living wage for some 2.1 million middle -class New Zealanders of $ 27 a week for three months. It is estimated that half the cost of winter energy is $ 814 million.

The fund also takes stock stores, removes them from real estate sites for competitors and then protects them with fixed contracts.

There is also a $ 11.1 billion increase in funding for the health system over four years, some of which is related to the replacement of DHBs with a centralized system.

The Government predicts that with a return to the balance sheet in 2024-25, the economy will grow to 4.2% next year and unemployment will fall to 3%.

Words: first -time home buyers

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