Getting the deposit together to buy your first home in Tāmaki Makaurau can be quite a task, so Liam Hunt and Scott Goulding, both 27, decided to band together and combine their resources. Liam, who works in sports management, and Scott, a plumber, have known each other for most of their lives.
They had similar ideas around getting on to the property ladder early, and over a few drinks one night they joked about buying a house together. They both have partners who weren’t ready to buy, so after talking about it a bit more seriously, Scott and Liam decided to team up.
“After Scott and I realised we could get the deposit together, we found this awesome lawyer who talked us through a co-ownership agreement,” says Liam. “It was pretty simple once she had explained it all.”
The price of Auckland housing was still daunting however. “We looked at some of the Kāinga Ora financial products like the First Home Grant and First Home Loan, but together we earned just a tad over the threshold to qualify.
Then I talked to a friend about KiwiBuild – we were eligible, so we decided to give it a go.”
Their first application was unsuccessful. They then entered a second ballot for a home, being built by Neilston Homes, in Roskill Development’s Ōwairaka neighbourhood.
Liam remembers clearly the day that changed his life.
“I woke up on a Friday morning and saw the email from KiwiBuild and assumed it was another ‘no’. I opened it and saw the word ‘congratulations,’ and – well, I’m not normally that excitable and neither is Scott but there was a lot of jumping and shouting to be honest.”
Scott agreed. “It was quite surreal actually. We were lucky for sure – but it’s also about saving as soon as you can – I ramped up my KiwiSaver to the max when I started full time work. It’s great to know that what I’m paying in rent will be soon going into my own property.”
So what would their advice be to other young would-be homeowners?
Liam says: “Save hard, do your research and check out your options – there are lots out there. Mortgage brokers can be really helpful too. Ours put us in touch with a bank that had a first home buyers’ scheme which was way better than our own banks’. Their expertise has been really helpful.”
Could buying a KiwiBuild home be right for you?
Liam and Scott discovered that by buying a KiwiBuild home, getting their start on the property ladder was more affordable. The sale price of a KiwiBuild home is set by the developer and will reflect its type, size and location. To keep KiwiBuild homes in more affordable price ranges, price caps are used that set the maximum price all KiwiBuild homes can be sold for.
To find out whether you’re eligible to buy a KiwiBuild home, visit the KiwiBuild website.
