Election 2017 - Party Policies - Housing - Home Ownership Schemes
27th May 17, 9:31am
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Home Ownership Schemes
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- Create a scheme which allows student loan borrowers to defer paying back their student loan to help them save for a house.
- Allow anyone who is earning over the repayment threshold of $19,000 to defer part or all of their mandatory 12 percent student loan repayment into a housing deposit savings account.
- Make 10,000 new homes over ten years available to people who can’t afford a deposit or a normal commercial mortgage, through progressive ownership rent-to-buy arrangements.
- Community and social housing providers, including iwi, will be able to purchase an additional 5,000 newly built homes from the government through the progressive ownership programme.
- Read more here.
- Partner with hapu, iwi and Māori organisations to develop affordable and social housing through the procurement process and by creating joint development organisations.
- Establish a Māori Housing Unit within the Affordable Housing Authority to ensure housing policies are tailored to meet the specific needs and aspirations of Māori.
- Invest an additional $20 million over four years in NGOs and Māori providers who deliver supported home ownership services such as budgeting advice.
- Reform the Kāinga Whenua and Welcome Home Loans schemes so Māori are able to access home loans on an equal basis to other New Zealanders whether the land has one owner or is part of a whānau trust with multiple owners.
- Work with financial institutions, iwi and Māori organisations to enable iwi and Māori organisations to access mortgages collectively on behalf of their members, and investigate the option of shared equity and rent to buy for KiwiBuild houses with iwi.
- Read more here.
- Enable whānau to capitalise on their family support allowance as a deposit for a home.
- Re-introduce the Māori Affairs low interest housing loans for Māori and Pacific families and support an overall government approach to helping all low-income families to access low interest housing loans.
- Introduce options for ‘rent to buy’ and ‘equity financing’ for first time home buyers.
- Subsidise private developers to include a percentage of affordable housing in their projects.
- Extend the Home Ownership Pathways trials.
- Read more here.
- A couple will be eligible for an extra $10,000 of Government HomeStart Grants, taking the grants to $20,000 for an existing home or $30,000 for a new build.
- The additional grants mean there is funding to help a further 80,000 people into their first home over the next four years, on top of the 31,000 people the scheme has already helped.
- Read more here.
- Provide first home buyers with affordable residential sections under long term low interest sale and purchase agreements of up to 25 years.
- Purchasers would build their own homes using normal bank financing, with title to the section transferred to them and the amount owing for the section, secured by a second ranking statutory land charge.
- Read more here.
- See houses that are already committed to being built by the Government offered as rental properties, where part of the rent goes towards saving for a deposit on the house.
- The Government recently announced that they were building 34,000 new houses in Auckland. Of these, 20,600 are going to be built to be sold on the market with a target of making them affordable. Our plan would take half of these and offer them as rental properties under a rent-to-own programme.
- These rental properties would be offered at market rents to people who do not currently own their own home, and for whom the likelihood of ever saving for a deposit, which could easily be over $100,000, is remote.
- A portion of the rent paid to the Government (or community housing provider) covers their costs. The rest of the rent will count towards either accumulating a deposit or purchasing an ownership share in the home.
- Simplify the process of converting cross-leased sections to freehold title, by legislation if necessary, rather than focusing primarily on continuing to reduce the size of subdivided properties.
- Read more here and here.
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