Is KiwiBuild for you?
KiwiBuild is a government-led project with a mission to build affordable and comfortable homes for kiwi first home buyers.
They're focusing on areas around New Zealand where prices are getting higher and home ownership is getting lower. If you're keen to take advantage of the opportunity, we can help.
How much will a KiwiBuild home cost?
Price caps help ensure KiwiBuild homes remain within reach of first time buyers. The price of a KiwiBuild home depends on its size and location, and is set by the developer.
It’s important to remember that 'price cap' means the maximum cost. In many cases, homes are likely to be sold for under the price cap. If you're anywhere in New Zealand other than Auckland or Queenstown, the price cap is $500,000 including GST for a KiwiBuild home.
However, if you’re in pricey Auckland or Queenstown Lake area, the rules are a bit different and a KiwiBuild home cannot exceed $650,000. The criteria for these areas is below:
| Location | Studio or one-bedroom | Two-bedroom | Three-bedroom |
|---|---|---|---|
| Auckland | $550,000 | $760,000 | $860,000 |
| Hamilton | $550,000 | $640,000 | $720,000 |
| Tauranga | $550,000 | $740,000 | $780,000 |
| Wellington | $580,000 | $760,000 | $850,000 |
| Christchurch | $550,000 | $640,000 | $720,000 |
| Queenstown-Lakes | $550,000 | $760,000 | $860,000 |
| Rest of New Zealand | $550,000 | $640,000 | $720,000 |
Do you fit the bill for a KiwiBuild home?
The purpose of this whole initiative is to give first home buyers a chance to get a foot onto the first rung of the property ladder. (Goodness knows it's been tough out there). So to get a piece of the pie, there's some strict criteria you need to fulfil to be considered for one of these. You must fit the following description:
- A first home buyer or have owned before
- Permanent resident or citizen of New Zealand
- Your income must be below $120k for singles, or $180k total for a joint purchase.
- Intend to live in and remain being the owner of the home for at least 3 years
Although proof of finance isn't required to be eligible, getting pre-approved for a mortgage puts you in a strong position when the time comes to buy. We can help with this.
Be ready. Keep in the know.
There are some busy bees out there, putting together your potential first home. You can keep up to date with progress by visiting KiwiBuild's website.
We keep our eyes and ears peeled for opportunities that can help our clients get into their first home, and that of course includes KiwiBuild. Read our blog "What does KiwiBuild mean for First Home Buyers?" for the lowdown.
Why choose Squirrel for your mortgage?Where does a mortgage broker come into this and why use Squirrel?
Where does a mortgage broker come into this and why use Squirrel?
Simplify the process
It might seem like a minefield of jargon but it doesn’t have to be. We'll navigate you through it without confusing you with big fancy words.
Our advisers aren't incentivised
Our advisers get paid the same no matter which lender you end up with so you know you won't get pushed into a loan you don't want or can't afford.
Save money
Having the right home loan solution is the easiest money you'll ever make. We'll get you a sharp rate and then structure the repayments in a way that's suited to your life and any future plans.
Let's have a chat
If you're unsure, we can chat through your options and help you figure out whether KiwiBuild is right for you, or if there's something better suited to your situation.
More banks, more choices
And more choices means better outcomes for you.
Keen to get the ball rolling?
Apply for pre-approval for your home loan - it'll only take 5 minutes!
Don’t just take our word for it
Raj
New Zealand
Jessica was/is absolutely a pleasure to work with. She works 100% for her clients, a no-nonsense person with precise recommendation. Thank You Jessica
Jo
New Zealand
Highly recommend Squirrel to sort out a mortgage with the banks takes the hassle out of going to separate banks with so much information they do the hard yards for you - Baz was a superstar and helped me all the way to my new home.
Kat
New Zealand
My Adviser Cade was so awesome!! He was very knowledgeable and made the whole process very easy for me. I am also really happy with the mortgage deal he got for me and how quickly everything was arranged and completed. Will definitely be using Squirrel again.
Anonymous
New Zealand
Very happy with Jessica Carr! Easy to talk to and always happy to answer questions.