Our Affordable Rental Programme helps people who thought they would never be able to own their home, to own one. This programme provides a way of getting you into a new home and helps you to manage your finances so you can afford to buy it after a period of time.
You might be facing one of the following challenges:
- you want a safe, secure, stable home for you and your family
- no deposit for a house. Making it even harder, you may have credit card and other debts.
- no spare cash — too many weeks in the month!
- an income or credit history on which the banks won't give mortgage finance.
- you desperately want your own home, but have no way of making it a reality.
- renting feels like money down the drain and you are paying a high percentage of your household income in rental costs.
Here’s how the Affordable Rental Programme could help:
- you occupy a new home built by the Housing Foundation, paying the equivalent of a fair market rent.
- over a five-year period HF provides financial planning support so you can clear your debts and save a deposit.
- you are in Kiwisaver and after the qualifying period can use your savings towards the deposit for the house.
- assuming the property increases in value, above the original cost, you’ll get a portion of this increase (normally 25%) to use as a deposit to buy your home.
- after five years, instead of paying rent, you could have similar-sized, or even lower, mortgage payments – but now you’re buying your own home.
Find out more detail on Affordable Rental in our Frequently Asked Questions (FAQs)?