Govt gifts deposits to regional buyers

The FirstHome initiative has been announced by Housing Minister Nick Smith.

He said: “FirstHome will improve housing outcomes at both ends of the affordability spectrum. It will help modest income families in provincial New Zealand buy their first home. It will also free up capital from these surplus vacant properties to invest in new state houses in high demand areas like Auckland and Christchurch.”

To qualify, the buyers must be purchasing their first home and have an income equal or less than the national household average of $53,000 for one person and $80,600 for two or more.

They must commit to living in the house for a minimum of three years.