Here's everything potential home buyers need to know
Kiwibank has announced it will pre-approve as much as 90% of the value of a property for first-home interested in the government’s KiwiBuild programme.
According to Kiwibank, this means KiwiBuild participants would only need 10% deposit on the new builds. It will also contribute $2,000 to moving or legal expenses.
“Kiwibank is really excited to make the dream of home ownership come true for more New Zealanders,” Kiwibank group manager marketing Mark Wilkshire said. “We are putting Kiwibank out there as the first choice for KiwiBuild participants.”
He noted home ownership rates are now at the lowest level, and that first-home buyers are struggling to get on the property ladder. KiwiBuild is set to help address this issue.
“Kiwibank supports New Zealand’s need for more affordable dwellings,” Wilkshire said. “There is an expectation that, as the largest New Zealand owned bank, we help as many first-home buyers as we can.
“KiwiBuild has potential to be a game changer for the residential housing sector and we are keen, as always to make a positive difference for our customers and the New Zealand economy.”
Kiwibank advised first-home buyers to do their homework on KiwiBuild properties and take their time to seek pre-approval as there are limited homes available and may not suit everyone’s needs.
