"The minister is raising the income and house price caps only a year after he announced this policy because Auckland house prices have been going up so fast under his policies." • House price caps would increase in Auckland from the existing $550,000 to $600,000 for an existing home, and $650,000 for a new home. Building and Housing minister Nick Smith said the government would increase income and house price caps on the KiwiSaver HomeStart scheme to ensure it was helping people into their first house. "This reflects the $50,000 increase in the national median house price since the scheme began," Smith said. Income caps would increase from $80,000 to $85,000 for a single person and from $120,000 to $130,000 for a couple.

Source: New Zealand Herald July 30, 2016 22:27 UTC