PHOTO: Jacinda Ardern – File. Source: Breakfast
Jacinda Ardern says she does not want New Zealand to be a place where home ownership is determined on whether a person’s parents can fork out a deposit.
New Zealand’s median house price has continued to soar, with Auckland hitting $1 million in October, according to Real Estate Institute of New Zealand (REINZ) data released today.
“We want to ensure that our first home buyers can get into the market. That is something that is top of mind for us,” Ardern said today.
“I don’t want home ownership in New Zealand to be determined, for instance, whether or not your parents can lend you a deposit. That’s not the New Zealand we believe in.”
On the issue of pulling together deposits, Ardern said schemes such as the Welcome Home Loan “can and will make a difference”.
The Welcome Home Loan scheme and the First Home Loan grant are reliant on a house being under the regional price cap – which sits at $650,000 for Auckland (which has a median house price of $1 million) and $550,000 for Wellington (which has a median house price of $785,000).
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