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Welcome Home Loan - a dream come true
By Tamsin Vuetilovoni
Having your own patch of land is one of the perks of owning your own home according to an ex-Housing New Zealand tenant.
- The family in their state house before they moved.
Siri and Wasundara came to New Zealand 10 years ago from Sri Lanka. In 2002, they moved into a Housing New Zealand house, and seven years later, they own their own home, thanks to one of our home ownership products.
Siri says he first heard about Welcome Home Loan and the Shared Equity scheme from their tenancy managers, Ben Prasad and Anna Maharaj.
"I then looked at the Shared Equity and Welcome Home Loan websites. We applied for a Shared Equity loan, but Iain (Iain Duncan, product manager) advised us we were more suited to a Welcome Home Loan."
Iain facilitated their application, and Siri and Wasundara moved into their own home in Glen Eden, Auckland, in November 2008.
"Owning our own home makes us feel settled in New Zealand, where our family now feels part of the community. We all feel more comfortable, not only physically but also emotionally."
"We want to thank Housing New Zealand for making us feel safe when we were their tenants and for providing us the opportunity to buy our first home in New Zealand," said Siri.
You asked us
I am a beneficiary, what KiwiSaver home ownership products am I eligible for?
KiwiSaver has two forms of housing assistance for first home buyers:
1. First Home Withdrawal:
After 3 years of membership in a KiwiSaver scheme, savers can withdraw their contributions and their employer contributions for a home deposit.
2. First Home Deposit Subsidy:
After 3 years of paying in to KiwiSaver, savers can access a grant of $1,000 up to a maximum of $5,000, for each year they have contributed. The deposit subsidy is available from 1 July 2010 for people who joined KiwiSaver in July 2007.
To be eligible for the First Home Deposit Subsidy, beneficiaries need to contribute at least 2% of their gross benefit over the 3 year qualifying period. There is no requirement to contribute a minimum amount to be eligible for the First Home Withdrawal.
More information is available at www.kiwisaver.govt.nz
