HomeStart boost could drive prices up
National will boost the financial assistance available to first home buyers by doubling the financial support available to buy an existing house and increasing it for new builds, Building and Construction spokesperson Nick Smith announced Sunday.
The changes mean a first home buyer couple will be eligible for an extra $10,000 of Government HomeStart Grants, which boosts the grants available to $20,000 for an existing home or $30,000 for a new build.
National will also combine HomeStart Grants and Welcome Home Loans into one HomeStart product, so that first home buyers can access all the support available to them from one place.
The application process for Welcome Home Loans will be simplified to allow accredited banks to approve the 10% deposit, Government-backed loans on the spot.
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