The Alliance believes the new housing policy announced by the National government will effectively abolish the Welcome Home Loan scheme.
Technically the scheme will still exist, but gutted of the key element that made it worthwhile, the minimal deposits. Currently, a couple with two kids, both adults working full time for minimum wage, would be eligible for a Welcome Home loan for a house costing $205,000, with a deposit of $750. From October 1st, the deposit required will go up to $20,500. Continue reading