WHO ARE QUALIFIED TO PURCHASE an AFFORDABLE HOUSE?
The affordable house purchaser should ideally be first home buyers. From a first home buyer’s perspective the general requirements for someone purchasing an affordable home are:
- The purchaser’s gross household income, does not exceed 120% of the Auckland median household income. As at August 2016, single income = $85,000, combined couple’s income = $130,000.
- The purchaser has paid a price for the affordable dwelling not more than that defined by the Housing Accords and Special Housing Areas. For Auckland = $580,000. Wellington and Christchurch = $450,000. Rest of the country = $350,000
- The purchaser has the legal right to and intends to own and occupy the affordable dwelling exclusively as their residence for not less than 3 years after gaining title to the dwelling.
- The purchaser is a first home buyer and has never owned any other properties before.