National is backing first home buyers

Owning a home is a central part of the Kiwi dream.

Owning a home is a central part of the Kiwi dream. Home ownership provides families with stability, financial security and a stronger stake in their communities. It is also part of what makes New Zealand an attractive place for ambitious young people to build a career, raise a family and invest in their future. National believes that New Zealand should be a country where if you work hard, you should be able to get ahead.

A re-elected National Government will support more New Zealanders to achieve the Kiwi dream of owning their own home by widening access to 5 per cent deposits under the Government’s First Home Loan scheme, making it easier to get a deposit for a house.

What we'll do

Widen access to 5 per cent deposit home loans

by extending the First Home Loan income cap to $300,000.

Apply the $300,000 income cap to all applicants

a change from the current criteria of the First Home Loan scheme where the income cap for individual buyers with no dependents is $95,000 and multiple buyers combined or individual buyers with dependents is $150,000.

What National’s changes means for first home buyers

The current income limits under the First Home Loan scheme increasingly exclude many working New Zealanders who are capable of servicing a mortgage but still struggle to save a 20 per cent deposit as they juggle everyday costs like rent, food and childcare.

The First Home Loan scheme reduces the size of the deposit required to purchase a home. National’s changes mean that all first home buyers earning up to $300,000 will be able to access the scheme, no matter whether they are single without dependents or a couple.