KiwiBuild income caps announced at $120,000 for singles and $180,000 for couples

Income caps for people hoping to buy a KiwiBuild home have been announced. Prospective buyers can earn up to $120,000 alone and $180,000 as a couple.

Housing Minister Phil Twyford announced a raft of rules for who can apply for the homes, which will be sold through a ballot system.

As well as the income caps KiwiBuild buyers must be:

  • First home buyers or second chancers
  • NZ citizens, permanent residents or ordinarily reside in New Zealand
  • Intend to own and live in the house for at least three years

"Today is a milestone in the Government’s ambitious programme to restore affordable homeownership," said Housing Minister Phil Twyford.

"With the first KiwiBuild homes on track to be completed shortly and many more in the pipeline, we are now at a stage where the KiwiBuild Unit can open its doors and invite people in.

"People can check the eligibility criteria and will soon be able to pre-qualify for the first homes currently being constructed and the thousands more that will be built by KiwiBuild in the years ahead."

Mr Twyford defended the income caps, saying they were chosen as New Zealanders at that income were struggling to buy homes in high-demand areas.

"For instance a couple of teachers may have a combined income of between $150,000 and $170,000. For a nurse and police officer earning upwards of $120,000, and for an engineer living alone, $90,000," he said.

"A decade ago these families would have been able to afford a home, but they are now locked out of the market."

Anyone eligible can register their interest as of Wednesday.

Newshub.