PHOTO: MONIQUE FORD/STUFF Lowe & Co Realty managing director Craig Lowe says increasing the Wellington city Welcome Home Loan cap would make “a huge difference” for first home buyers with low equity. (File photo)
As Wellington house prices spiral higher, a Government scheme to support first-home buyers is making little impact.
Welcome Home Loans – low-equity loans under-written by Housing New Zealand – are available to those seeking to get on the property ladder but only have 10 per cent deposit.
In Wellington city, the cap for an existing property is $500,000 and lending for new builds under the scheme is $550,000. In Auckland and Queenstown the cap is $100,000 higher.
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