KiwiBuild pre-qualification opens

KiwiBuild pre-qualification opens

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Wellington, August 13, 2018
Minister of Housing and Urban Development Phil Twyford has welcomed the opening of pre-qualification for first homebuyers and second-chancers wanting to buy a KiwiBuild home.
He issued the following statement:
From today, aspiring homeowners can apply online at kiwibuild.govt.nz to determine if they are eligible to enter a ballot for a KiwiBuild home.
The opening of the pre-qualification process is good news for New Zealanders who are locked out of the housing market.
Progressive building programme
In the first year we will build 1000 KiwiBuild homes, with the full ramp up reaching 5000 homes by June 2020 and 10,000 homes by June 2021. KiwiBuild will build modest, starter homes, initially focusing on areas with high housing demand and affordability pressures.
First-time buyers and second-chancers will be given plenty of notice about homes that are coming on the market so there is no rush to pre-qualify.
But this is a great opportunity for people to familiarise themselves with the KiwiBuild system and seek trusted, professional advice before entering a ballot to buy their first home.
First ballot next month
The first ballot will open next month for a limited number of KiwiBuild homes in Papakura, Auckland. Kiwis will have more than six weeks to pre-qualify and enter the ballot before it is drawn in October.
KiwiBuild offers real hope for hard-working Kiwis who had given up ever owning their own home.
To ensure that KiwiBuild homes go to the people they are intended for, applicants must be (a) Be a first-time buyer or a ‘second chancer’ (b) Have an income of less than $120,000 for a single applicant, or no more than $180,000 for more than one purchaser (c) Be a New Zealand permanent resident or citizen, or a resident visa holder who is ‘ordinarily resident in New Zealand’ and (d) And intend to live in the home as their main place of residence for at least three years.
The Process
The online pre-qualification process will ask for specific documentation including
Proof of residency, Proof of income, Statutory declaration signed by an authorised person (e.g. a Justice of the Peace, lawyer) and Financial pre-approval from a bank or other lender.
For more information, please visit www.kiwibuild.govt.nz
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Picture of Phil Twyford from file

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