Details about the Government’s flagship house building policy have been revealed today with income caps and news that it’s not just first home buyers who stand to benefit.
Prospective buyers can earn up to $120,000 for a single person, and $180,000 for a couple.
- Exclusive: KiwiBuild income caps to be introduced
- KiwiBuild income caps announced at $120,000 for singles and $180,000 for couples
Second chance buyers, who have already owned a home, will also qualify.
As well as the income caps KiwiBuild buyers must be:
- First home buyers or second chancers
- NZ citizens, permanent residents or ordinarily reside in New Zealand
- Intend to own and live in the house for at least three years
Housing Minister Phil Twyford previously told Newshub Nation that there would be no caps. He has defended them saying that Kiwis on those incomes are struggling to buy homes in high-demand areas.
After today's announcement, Mr Twyford told Lisa Owen on RadioLIVE Drive: “When you look at the housing market now the thing that is striking about it is that young couples who earn decent money, who are in professional jobs, in a market like Auckland are locked out of the market.
“We want Kiwibuild to be available to as wide a group as possible,” Mr Twyford said. “And that’s why we’ve set the income limits where they are. They will encompass and allow 92 percent of first home buyers to get the benefits of Kiwibuild.
“I think that’s great.”
Anyone eligible can register their interest as of Wednesday.
Listen to the full interview with Phil Twyford above.