New loan programme to help home buyers
More people are eligible for home loan help under the new Welcome Home Loan programme, the Government said today.
Monday, July 4th 2005, 8:03AM
by The Landlord
The programme is based on the mortgage insurance scheme piloted through Kiwibank, and was introduced today.
Eligibility has been widened, and new loan providers have been invited to take part, Housing Minister Steve Maharey said.
With a Welcome Home Loan people can borrow most or all of the cost of a house.
For houses up to $150,000, eligible borrowers do not need a deposit.
For houses that cost more than that, they need to contribute a 5 per cent deposit.
Depending on their ability to meet repayments, people can borrow up to $280,000.
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