More Help For 1st Time Home Owners
Wednesday 3 March 2004
Struggling first-time home owners are being given another helping hand by the Government.
By The LandlordHousing Minister Steve Maharey has announced that the eligibility criteria for home loans with Kiwibank has been eased, due to soaring property values.
He says that means no-deposit mortgages can now be approved for homes valued at $150,000 as opposed to the previous limit of $100,000.
The income threshold for one or two people in the same household has been increased from $50,000 to $55,000.
Mr Maharey says the housing market has changed dramatically in the past six months, and some people are finding it difficult to find a home for under $100,000.
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Getting rid of “no cause” termination notices only serves to protect bad tenants and will have a negative impact on the broader community, not just landlords, according to landlord advocates.
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.