First-home buyer? Don't wait for KiwiBuild

Home build

Posted 3 years ago by Craig Pope

If you’ve saved a deposit (or are close to achieving the goal) don’t wait for Wellington’s KiwiBuild homes to be built—consider your options now.

More than 7,000 people have registered for the nearly 13,000 KiwiBuild homes promised to Wellington by the Government. However we don't know where and when they will be built.

Add to the mix that a couple earning the limit of $180,000 (set by the Government) can afford a home in the current market, and there are still plenty of options available at entry level, buyers still have plenty of opportunities.

For example:

  • A combined income of $180,000 with a deposit of less than 20% can secure a mortgage of up to $700,000—well above the average Wellington area house price of $639,000. 
  • There are also plenty of existing homes available between $400,000–$500,000 if you’re prepared to make compromises.

KiwiBuild houses will have three-year selling restrictions, and we don’t know yet how this could affecting lending criteria. Until banks reveal their Terms of Sale, it’s a bit of a guessing game.

Our advice? If you can buy a house now, then you should consider doing so. Wellington house prices are consistently rising and you could end up paying more if you wait for KiwiBuild, or miss out on the ballot process.

Ready to make your first-home dream a reality? Our friendly team is always ready to help. Give us a call today on 0800 000 517.

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