Help for first-home buyers

First home buyers and those on low incomes will be able to buy or build their own home, but defer payment on the land under a new Government scheme announced today. So far 30 parcels of Crown or Housing New Zealand land have been made available for the Gateway Housing Assistance Scheme.

Housing Minister Phil Heatley said it was important the Government provided opportunities for people to own their own homes.

Payment on the land can be deferred for up to 10 years under the scheme.

"This ten year period allows people on lower incomes to concentrate on designing and building, or buying, their homes before they assume the additional burden of paying for the land," Heatley said.

Community housing organisations are being actively targeted for the scheme as they will be able to develop the land and use the favourable capital and interest repayment terms to build even more affordable housing.

Heatley launched Gateway in Porirua today, where Habitat for Humanity is set to develop two sections in Beauzami Crescent into three, to create affordable housing opportunities.

This article is published courtesy of NZ Herald. To view click and other Property related articles click here

Posted: 11 Oct 2010

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