National pledges to widen access to 5% first home deposits
The National party in New Zealand has proposed raising the income cap for the First Home Loan scheme to $300,000 to help more first-time buyers. The policy aims to allow more people to purchase homes with a 5% deposit, addressing barriers created by current income limits.
Why it matters
This policy proposal addresses the ongoing housing affordability crisis and aims to expand home ownership access for middle-income earners.
<p>National has unveiled a new election policy aimed at making it easier for first-home buyers to purchase a property with a 5% deposit. </p> <p>If re-elected, the party would lift the income cap for the government's First Home Loan scheme to $300,000, National housing spokesperson Chris Bishop announced today.</p> <p>The scheme, administered by Kāinga Ora through participating banks and lenders, allowed eligible first-home buyers to purchase a property with a deposit of as little as 5%, rather than the 20% typically required by lenders.</p> <p>Currently, single buyers without dependants must earn $95,000 or less to qualify, while the income cap for individual buyers is $150,000. </p> <p>Bishop said those limits, which had not been updated since 2022, were now excluding many prospective first-home buyers.</p> <p>"Right now, a junior doctor on $100,000 can't access the scheme.
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