First-home buyers Grant

Price caps have been lifted and removed but income limits mean it might be hard to get a mortgage anyway, broker says.

Income caps and lender requirements are sufficient to ensure that the First Home Loan is used by buyers who need support for a first home. This recognises the changes in house prices over the past year,” Housing Minister Megan Woods said. Although I fit under the income cap before, the house price cap was so unrealistic for Wellington it seemed like one of those schemes that was just paying lip service to helping first-home buyers without actually being practically useful. “We are increasing the house price caps for the First Home Grant to align with lower quartile market values for new and existing properties. New caps for the First Home Grants will lift to $875,000 in the Auckland region for existing and new build properties. In Queenstown-Lakes, the grant cap will lift to $875,000 for existing properties and $925,000 for new builds.