The Government opened the prequalification process on Monday for first-homebuyers & second-chancers wanting to buy a KiwiBuild home.
Aspiring homeowners can apply online at kiwibuild.govt.nz to determine if they are eligible to enter a ballot for a KiwiBuild home.
Image above: Artist’s impression of housing being built at McLennan, Papakura.
The target is 100,000 new homes over 10 years, half of them in Auckland.
Housing & Urban Development Minister Phil Twyford said the production rate would take 3 years to rise to the annual target of 10,000 new KiwiBuild homes: “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 & affordability pressures.
“First-time buyers & second-chancers will be given plenty of notice about homes that are coming on the market so there is no rush to prequalify.
“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.”
The first ballot will open next month for a limited number of KiwiBuild homes in Papakura. Kiwis will have over 6 weeks to prequalify & enter the ballot before it’s drawn in October.
To ensure KiwiBuild homes go to the people they are intended for, applicants must:
- be a first-time buyer or a ‘second chancer’
- have an income below $120,000 for a single applicant, or no more than $180,000 for more than one buyer
- be a New Zealand permanent resident or citizen, or a resident visa holder who’s ‘ordinarily resident in New Zealand’, and
- intend to live in the home as their main place of residence for at least 3 years.
The online prequalification 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
The Government has committed $2 billion for KiwiBuild and said it intends to work with iwi, councils & the private sector, establishing a home-building programme, undertaking major greenfield & urban development regeneration projects and driving innovation to develop new ways to build quality affordable homes.
Attribution: Ministerial release, KiwiBuild websites.