.png "RE Investar-Logo-MRI_Colour web 229x115px (1)"){kind=logo}
More than 200 first home buyers in Marlborough have bought their house using the Government's HomeStart scheme.Kaikoura MP Stuart Smith said the biggest challenge for young people getting into home ownership was pulling together funds for a deposit.
"The HomeStart scheme in its first year has provided $55.6 million in grants to 11,943 people to help them into their first home," Smith said.
The scheme helped 207 buyers in Marlborough with grants worth $893,000.
The $435 million HomeStart scheme came into effect on April 1 last year, replacing the KiwiSaver First Home Deposit Subsidy.
HomeStart was projected to help 90,000 people over five years.
Under the scheme, couples could apply for grants of up to $10,000 for a deposit on an existing home and up to $20,000 for a new-build.
"Now is a good time for families to buy a first home," Smith said.
"Interest rates are at the lowest level for 50 years and the HomeStart scheme is the most generous support a government has offered for first home buyers in a generation.
"The scheme is also another good reason for people to join up to KiwiSaver.
"Under it, a couple each earning $40,000 a year could withdraw up to $29,000 after five years for a house deposit.
"They can combine that with their HomeStart grant of $10,000, or $20,000."
The scheme had been tweaked to help second-chance homebuyers by removing the income cap for people who had previously owned their home but were struggling to get back into ownership after an event such as a separation, or business failure.
"KiwiSaver HomeStart is part of the National-led Government's wide, ongoing programme to improve housing supply and affordability," Smith said.
"The overall programme includes freeing up more land for development, measures to help constrain building material costs and compliance costs, and steps to raise the productivity performance of the construction sector."
.png?width=200&height=100&name=RE%20Investar-Logo-MRI_Colour%20web%20229x115px%20(1).png "RE Investar-Logo-MRI_Colour web 229x115px (1)"){kind=logo}