David and Avani live in Dunedin, and have been renting together for five years. Both work fulltime, with a combined income of $118,000. This is under the FirstHome income cap of $130,000 for two or more people buying a house together.
They are interested in a FirstHome house which is worth $250,000. David and Avani are eligible for a Welcome Home Loan, so they only need to raise a minimum 10% deposit of $25,000.
FirstHome gives them a grant of $20,000, which is the maximum available under the initiative. By using $5,000 of their savings they can afford the deposit, and buy their FirstHome house.
|Welcome Home Loan deposit||10%|