If you are a successful ballot winner for a KiwiBuild home, you will be required to sign the Deed of Covenant enforceable by the Crown in which you will undertake to pay the Crown 30% of:
- any capital gain if you sell your KiwiBuild home within three years of signing the sales and purchase agreement without KiwiBuild’s prior consent and/or
- any gross rental income if you rent out your KiwiBuild home without also living in it as your primary residence.
This paper seeks agreement to the high level definitions, eligibility criteria and the establishment of the ‘Buying off the Plans’ initiative as priorities for delivering KiwiBuild.
This paper describes the first home buyers expected to participate in KiwiBuild, seeks agreement to the eligibility criteria for purchasing a KiwiBuild home, and describes the proposed sales process.