Who will be eligible for a Seed Capital Loan?
Seed Capital for the Commons loans are designed to allow as many people as possible to gain a home in a predictable and impartial way. We propose the following clear criteria to help guide eligibility.
To qualify for a loan, you must meet the following criteria:
New Zealand Citizen: You must qualify for a New Zealand passport at birth, and one of your parents held a New Zealand passport when you were born.
Residency Requirement: You must have lived in New Zealand for at least half of your life.
Age: You must turn 27 after the scheme starts, and draw the loan down before turning 42.
Skills: You must participate in a course about basic home maintenance, home economics, financial coaching, and property law (how to buy a house, trespass, etc)
Home Purchase in NZ: The property you’re buying must be in New Zealand, and it must qualify for a first mortgage.
Why These Criteria?
These guidelines are designed to assist Kiwis at a critical point in their lives when homeownership is both most challenging and most important. Whether you're starting a family, advancing your career, or seeking stability, these interest-free loans aim to provide support during this pivotal time.
What If I Don’t Meet All the Criteria?
Each application will be reviewed individually, and if you don't meet the criteria, other social entities may be better suited to assist you.
