As you may be aware, the Government has announced changes to the Kiwi Build programme.
The changes include adjustments to the Kiwi Build price caps and eligibility criteria.
Please see below for a summary of the key changes.
Changes to the Kiwi Build price caps
· The Government has increased the price caps to reflect the current housing market and encourage the delivery of more Kiwi Build homes for purchase.
· Price caps are used to set the maximum price that Kiwi Build homes can be sold for and differ by size and location.
· The new caps have generally been set with reference to the estimated lower quartile market valuation of equivalent new build homes in each location. You can view the new price caps on the Kiwi Build website.
Changes to the Kiwi Build eligibility criteria
The income cap for multiple buyers has increased from $180,000 to $200,000.
· This opens the Kiwi Build programme up to more prospective first home buyers and acknowledges the higher cost of Kiwi Build homes – particularly those with three or more bedrooms.
A new income cap category has been introduced for ‘individual buyers with
The definition of an eligible Kiwi Build buyer will revert to "first home buyers" and "second chancers" (someone who has previously owned a home and meets the Kiwi Build eligibility criteria)
Need to get in touch?
If you have questions about any of the changes outlined above, please don’t hesitate to contact us on 092830430 or by emailing office@legalassociates.co.nz.
Reference: - Kiwi Build Website.
