Online pre-qualification opens for first KiwiBuild homes

Online pre-qualification opens for first KiwiBuild homes
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13 August 2018

Owning an affordable starter
home is a step closer for eligible New Zealanders with the
launch of KiwiBuild’s new online pre-qualification portal
today.

First-time buyers and ‘second chancers’
can apply online to the KiwiBuild Unit to determine if they
are eligible to enter a ballot to purchase a KiwiBuild home.
The launch of the pre-qualification system comes ahead of a
limited release of KiwiBuild homes in Papakura,
Auckland.

“The online portal is now live and that
represents an important milestone for the KiwiBuild
programme,” says Head of KiwiBuild, Stephen Barclay.

“It’s the first opportunity for New Zealanders to
have a look at the pre-qualification system.

“There is no rush to pre-qualify for a KiwiBuild home.
My advice is to familiarise yourself with the system, get a
better understanding of the information you’ll need to
provide us with, and obtain some financial advice as
well.

“The best time to enter the
pre-qualification stage is when a KiwiBuild development
becomes available in an area where you would like to live.
Submit your details and supporting documentation to the
secure online portal at kiwibuild.govt.nz and then we’ll be in
touch to let you know if you have qualified to enter a
ballot.

“KiwiBuild will give you plenty of time to
pre-qualify, view homes and make an informed decision about
becoming a homeowner. Make sure you’ve registered with us
at kiwibuild.govt.nz and we’ll keep you
up-to-date with new developments as they come to market.

“It’s important to remember that buying a KiwiBuild
home is similar to buying a home on the open market and
people will need to go through the same process as any first
home buyer,” says Mr Barclay.

“KiwiBuild homes
are more affordable but your mortgage provider will still
require a deposit and be satisfied that you can afford a
mortgage.

“Purchasing a home is one of the biggest
financial decisions most people will ever make. While the
KiwiBuild programme will make the process of buying a home
as easy as possible, people need to carefully consider if
home ownership is a commitment they are ready to
make.”

In the first year KiwiBuild will deliver
1000 homes, another 5000 by June 2020, and 10,000 in 2021.
The initial focus will be on areas with high housing demand
and affordability pressures including Auckland, Wellington,
Hamilton, Napier-Hastings, Queenstown-Lakes District,
Tauranga, Whangarei District and Nelson-Tasman.

To
ensure these KiwiBuild homes go to the people for whom they
are intended, applicants must also:
• Be a
first-time buyer or a ‘second chancer’

Have an income of less than $120,000 for a single applicant,
or no more than $180,000 for more than one purchaser

Be a New Zealand permanent resident or citizen, or a
resident visa holder who is ‘ordinarily resident in New
Zealand’
• Intend to live in the home as
their main place of residence for at least three years

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)
• Financial
pre-approval from a bank or other lender
For more
information go to www.kiwibuild.govt.nz

ENDS

© Scoop Media

 



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