REINZ welcomes eligibility criteria announcement

Press Release – REINZ

REINZ welcomes eligibility criteria announcement from Twyford but wishes higher allocation was given to low income earnersREINZ welcomes eligibility criteria announcement from Twyford but wishes higher allocation was given to low income earners

The Real Estate Institute of New Zealand (REINZ) has today welcomed the announcement from the Minister for Housing and Urban Development, Phil Twyford, around the eligibility criteria for KiwiBuild homes.

Bindi Norwell, Chief Executive at REINZ says: “Today’s announcement will give thousands of New Zealanders hope that one day they may actually be able to afford a home that they can call their own. With home ownership at its lowest point in 60 years, the KiwiBuild programme will help many young people and those on lower incomes to get a foot on the property ladder.

“The criteria announced today seems relatively robust in that the homes will only be available to first time buyers or ‘second chancers’ and that people must intend to own and live in the property for at least three years.

“We were surprised however, that the threshold for couples is so high at $180,000 which is still well above the average combined household income of $96,876 for the country or $109,772 for Auckland. However, this does mean that more people will be eligible to apply for a KiwiBuild property than was initially anticipated which could be a good thing given how tough it is even for those on a good income to still purchase their first home.

“One modification that we would like to see however, is a percentage of the properties to be allocated to low income earners. This would ensure that those who really need it the most, for example a single parent working two part time jobs to support their family, will have a higher chance of having their name pulled out of the ballot than a single person earning $120,000,” she concludes.

ENDS

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