Rotorua MP Todd McClay says the KiwiSaver HomeStart scheme is proving to be a huge success in helping Rotorua’s young people and families realise their dream of home ownership.
“New figures show the scheme has helped 592 locals into their first home since it was launched just two years. That's more than $2.5 million to help our people get a foot on the property ladder,” Mr McClay says.
“We know that home ownership is very important because provides stability for families, strength for communities, and security in retirement.”
The scheme provides three different programmes. New home buyers can receive grants of up to $10,000 for an existing home and $20,000 for a new one. It is complemented by enabling first home buyers to access their KiwiSaver funds and a government guarantee for bank loans, called Welcome Home loan. It’s forecast to help 90,000 first home buyers across New Zealand by 2020.
“KiwiSaver HomeStart is the most generous government support scheme for home buyers in over a generation and its popularity is testament to its success,” Mr McClay says.
“These grants can help our young people overcome the significant hurdle of pulling together the funds needed for a deposit and that’s helped almost six hundred so Rotorua families so far.”