A new scheme for low income earners or first timers buying or building their own homes will allow them to defer paying for the land, says Housing Minister Phil Heatley.Mr Heatley said the Gateway Housing Assistance scheme, launched in Porirua north of Wel
A new scheme for low income earners or first timers buying or building their own homes will allow them to defer paying for the land, says Housing Minister Phil Heatley.
Mr Heatley said the Gateway Housing Assistance scheme, launched in Porirua north of Wellington today, allowed purchasers to build or buy a property but defer payment on the land for up to 10 years.
"This 10-year period allows people on lower incomes to concentrate on designing and building, or buying, their homes before they assume the additional burden of paying for the land."
Mr Heatley said community housing organisations were being actively targeted for the scheme as they would be able to develop the land and use the favourable capital and interest repayment terms to build even more affordable housing.
So far, 30 suitable parcels of Crown or Housing New Zealand land had been identified and made available for the scheme.
Mr Heatley said the scheme would add to other measures including the KiwiSaver First Home Deposit subsidy and the First Home Withdrawal, Welcome Home loans, the Housing Innovation Fund and the Tenant Home Ownership programme.
"We have also cut unnecessary bureaucracy and red tape to streamline building processes, which reduces the cost of building for everyone."
