Jonathan Killick / Stuff
Kieran May has successfully bought a two-bedroom apartment in the Tāmaki suburb of Pt England.
Kieran May, 26, has managed to buy a brand-new two-bedroom apartment in the east Auckland suburb of Pt England using mainly just his KiwiSaver, but they won’t be holding a house-warming do.
A body corporate rule restricts Residents to having more than 12 guests over at a time, which means the parties are off the table.
This doesn’t bother May, however, who is just pleased to be able to be putting his money into a home that belongs to him instead of lining the pockets of a Landlord.
Housing Minister Megan Woods has announced funding of $ 1.4 billion for infrastructure projects in Auckland.
Now of his deposit came from his KiwiSaver, which he began contributing to at age 15, during high school, with a part-time job at a supermarket packing shelves.
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As a first home Buyer, May qualified for a Mortgage underwritten by Kāinga Ora with only a 10% deposit, and was able to get a $ 10,000 grant.
However, the actual handover was 15 months behind schedule due to Covid-19 related delays, and May was able to save a further 5% for his deposit in that time.
May said he initially applied for the home on a whim when he checked KiwiBuild’s online portal and learned that he was eligible for assistance from the government.
“I didn’t even think it would be possible for me to afford a house. It all happened so fast, ”May said.
May wasn’t sure what to expect from living in a medium-density apartment development, but assumed it would be better than flatting.
“You can hear people talking when you’re in the corridor, but once you go inside your apartment it’s quiet.
“It is quite sociable because everyone is in close proximity. You meet new people when you’re putting the rubbish out. ”
May said an apartment also suited his life stage because he did not require a backyard and building maintenance was taken care of.
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Apartments in the development on Hīnaki St sold for between $ 420,000 and $ 650,000, with an optional car park, which cost $ 30,000 extra.
Auckland is going to see much more of this type of development.
On Thursday, the Government announced it would spend $ 1.4 billion on infrastructure to allow further developments in Mangere, Mt Roskill, Northcote, Oranga and Tamaki.
In Tamaki alone, Kāinga Ora was replacing 2,500 state houses with 10,500 new apartments and townhouses over the next 20 years.
It is doing this in partnership with the Tāmaki Regneration Company, which is a crown entity owned by Auckland Council and government.
Kaiinga Ora general manager Caroline McDowall said there was a high demand for housing in the Tamaki Suburbs, including Pt England.
“The KiwiBuild homes within these new developments provide homeownership opportunities for individuals and whanau who would otherwise be priced out of the market.”