If you have a HomeStart grant pre-approved before 1 August 2016 you are automatically eligible for the increased house price caps that came into effect on 1 August.
But remember your pre-approval is still only valid to the existing expiry date so if no property is purchased before this date, you will need to submit a new application for consideration.
Similarly, those applications that are pending awaiting further information will now also be considered under the new house price and income caps.
This will mean that any application pre-approved or pending can now consider purchasing properties within the following house price caps:
House price cap for existing/older properties
House price cap for new properties
|Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District||$500,000||$550,000|
|Rest of New Zealand||$400,000||$450,000|
In addition to the house price caps, any pending application submitted prior to 1 August 2016 will be assessed under the new income caps of:
- Individual purchaser who has earned $85,000 or less (before tax) in the previous 12 months, OR
- Two or more purchasers who have earned a combined $130,000 or less (before tax) in the previous 12 months
If you have any questions about your existing pre-approval or pending application, please call us 0508 935 266 or email us at KiwiSaver.Enquiries@hnzc.co.nz.