The Government have announced plans to increase income caps for the First Home Buyer Grant and First Home Loan from $85,000 to $95,000 for single buyers and from $130,000 to $150,000 for two or more buyers. At the same time, the property price caps would also raise to $700,000 in Auckland, $650,000 in Wellington and Queenstown, $600,000 in Nelson, Tauranga, Hamilton, and Napier, $550,000 in Christchurch and Dunedin, and $500,000 in the rest of New Zealand.
CEO of FirstHomeCoach NZ, Matt Taylor said these changes are too little, too late for first home buyers in Auckland with the market having already moved well past the new price cap. “It looks as if this was just a token gesture with the facade of progress.”
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