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 Landlord

Housing 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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