There will be 68 modest starter homes built in Marfell with two-thirds being three-bedroom homes and the remainder four-bedroom. All of them will be built to a Homestar 6 rating with construction starting early next year.
Phil Twyford said KiwiBuild is about restoring the Kiwi dream of homeownership to thousands of young families who typically would have been able to buy their first home.
“This new community on Banks Street and Discovery Place is a fantastic opportunity for first home buyers who have been locked out of the market to get a very affordable home. It will rejuvenate an area that had been left with vacant lots and run down houses.
“Many of the KiwiBuild homes built at this development will be under $400,000, and all will have a maximum price of $450,000, meaning the mortgage repayments for houses in this price range will be same as the average rent for a three-bedroom home in New Plymouth.
“We’re giving hope back to over 1,400 people who’ve registered their interest in buying their first home in New Plymouth.
“I’d like to also acknowledge and thank the New Plymouth District Council who have been very supportive of this development and have helped with the planning process,” Phil Twyford said.
KiwiBuild will continue to offer a range of affordable homes for first home buyers, from inner city apartments to standalone homes, across the country.
• Only eligible, pre-qualified buyers can enter the ballots for these houses, so anyone interested should visit the KiwiBuild website and begin the pre-qualification process.
• KiwiBuild incentivises property developers to build more quality, affordable homes faster, by reducing their risk in a number of ways, including underwriting homes in new developments.
• KiwiBuild is on track to deliver 1000 KiwiBuild homes by mid-2019, then a further 5000 homes by June 2020 and another 10,000 homes by June 2021.
• For more information please go to www.kiwibuild.govt.nz
To ensure KiwiBuild homes go to the people they are intended for, applicants must:
• Be a first-time buyer or a ‘second chancer’
• Have an income of less than $120,000 for a single buyer, or no more than $180,000 for more than one purchaser,
• Be a New Zealand citizen or permanent resident, or a resident visa holder who is ‘ordinarily resident in New Zealand’,
• And intend to own and live in the home as their primary place of residence for at least three years.
The online pre-qualification process will ask for specific documentation certified by an authorised person (e.g. Justice of the Peace, lawyer, etc) including:
• Proof of citizenship/residency
• Proof of income
• Financial pre-approval from a bank or other lender
• Statutory declaration signed by an authorised person (e.g. a Justice of the Peace, lawyer)