Home Buyers to Get Equity Help from Gov't
It looks like MB was right. The government is stepping in to do something about home prices. I wonder if 'first-time buyer' includes those who have owned outside of NZ but never in NZ ...
Quote:
The Government has confirmed plans to unveil a shared equity scheme to help people buy their first homes.
Housing Minister Chris Carter said tonight it would be a way to provide direct financial assistance to buyers faced with prices which would otherwise stop them getting into the housing market.
"You would have partial ownership and share the results of any increase in value," he said on TV3 News.
"It's a new concept for New Zealand, we're not sure how it will work, but it will only work if we make more affordable homes available."
TV3 said a pilot scheme was likely to start in Auckland next year which could involve the Government paying for a 25 per cent or 30 per cent stake in a house.
That would effectively reduce the purchase price of a $400,000 house to about $300,000.
If the house was sold, the Government would take back its percentage share.
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EOI Submitted: July 20, 2006
EOI Selected: August 2, 2006
ITA Received: October 12, 2006
ITA Submitted: February 2, 2007
Migrant Levy Paid & Visas Shipped: June 6, 2007
Arrived in NZ: July 26th, 2007
Leaving NZ: June 1st, 2008
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