Bill to help young people into home ownership launched

“Many young people are struggling to get a house deposit together and we want to make it easier and faster for them to get a foot in the door,” said Green Party tertiary spokesperson Gareth Hughes

“Our Faster into Homes plan will allow students to defer paying back their student loan for a period to help them save for a first home. Under this innovative scheme, anyone who is earning over the repayment threshold of $19,000 could defer part or all of their mandatory 12% student loan repayment into a first home savings account.

“Combined with KiwiSaver, this would make a huge difference for young people who are struggling with low wage growth and rapidly rising house prices across the country. For example, a bachelor’s graduate on a median wage could save $18,000 after five years.”

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