How will recent changes to HomeStart impact on first home buyers in Northland?

As at the 1 August this year Housing New Zealand announced some changes to the housing price caps and income limits. So what does this mean for you as a first home buyer?

In Northland you can purchase a pre-existing home with a value of up to $400,000.00 or a new build with a value of up to $450,000.00 (see the Housing New Zealand website for the requirements in regards to a new build).

Income limits have increased from $80,000.00 for an individual purchaser to $85,000.00 and for two or more purchasers from $120,000.00 to $130,000.00.

If you have applied for pre-approval and were granted pre-approval prior to the changes you will be automatically eligible for the updated changes.

If you applied and were denied pre-approval due to income limits and are now within those income limits then you can re-apply.

There are some changes to the pre-approval application and it is now done online. See our blog post on applying for pre-approval for information on how to apply.

-Kirsty Appleton, Registered Conveyancer