D EA N M CGU I G AN
Director, Canterbury Region at Golden Homes
FIRST HOME HELP AS THE BANKS TIGHTEN UP ON LENDING AND INTEREST R AT E S C O N T I N U E T O R I S E , TA K I N G T H AT F I R S T S T E P ONTO THE PROPERT Y L ADDER CAN SEEM LIKE AN U N AT TA I N A B L E G O A L . D E A N M C G U I G A N F R O M G O L D E N H O M E S S H A R E S T H E L AT E S T I N C E N T I V E S T O H E L P F I R S T-T I M E H O M E B U Y E R S O N T H E I R W AY.
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hew,” I can hear many parents out there saying. As a father of three children, with the oldest in their twenties and starting to talk to the “Bank of Mum and Dad” about property, I’m always interested to hear how others are feeling, and listening to their views on the current housing market. In particular, how it relates to their children, as they and their friends embark on their homeownership expedition. With a growing percentage of first-time home buyers looking to their parents to help with a financial contribution, this has become increasingly more difficult for many to achieve. A common question or theme seems to be, how will our kids ever afford to own a home after the ‘boom’ that has just happened in the property market? There is light at the end of the tunnel. Hopefully by the time you read this, you will have heard the great news about a couple of positive changes with the latest government Home Start grant cap rise in Christchurch, Selwyn and Waimakariri districts. The latest grant cap rise is to $750,000 for a new build in these districts. KiwiSaver contribution requirements have also been adjusted to reduce the required amount of regular savings to access the grant. There has also been a slight easing of lending restrictions to allow those who effectively hold the keys to homeownership (the banks) a little more freedom to lend, meaning our customers (and children) wanting to head in the direction of homeownership are once again able to start looking. This is one small step in the right direction to getting the first-time home buyers back in the game. It is my hope that the easing on lending will continue a bit further yet for this tier of the property market. We are once again hearing the renewed buzz in the voices of younger people coming to the show homes to gather brochures and knowledge. As these customers re-look at starting their homeownership endeavour, a sense of excitement is being felt again – me included! 0800 22 22 36 | goldenhomes.co.nz
