Shared Ownership Programme
Designed to help working families to buy their first home
Our Shared Ownership Programme provides an opportunity for you and Housing Foundation to share the ownership of a property. You would buy a majority share of the property (usually 60% or more) making it more affordable for you than if you were to buy 100%.
Housing Foundation would retain ownership of the remaining share of the property (e.g. 40%) and both you and Housing Foundation would be recorded on the property title as owners until you are able to buy us out. Most households are able to do this within 7-10 years.
You will need a deposit (your savings plus KiwiSaver) and a mortgage for the balance of the purchase price to buy your share. This will all be explained to you in detail before you are asked to sign a Shared Ownership Agreement. Look at this example where you buy 70% and Housing Foundation retains the remaining 30%.
Example figures for a 70% ownership share
|Property’s market value (for example only)||$700,000|
|Household buys 70% of the property with their mortgage and deposit||$490,000|
|Housing Foundation’s ownership amount is the remaining 30%||$210,000|
In this example, Housing Foundation retains 30% ownership of the property. You can buy our share out over time as your savings and/or income grow. Your funds for the initial purchase come from your deposit saved and the mortgage amount borrowed from the bank.
Rent to Own (HomeSaver Programme)
If you have debt over $10,000 and/or a lower deposit than $10,000, our HomeSaver Programme may be an option for you.
Please apply and Housing Foundation will assess your Application and advise you which programme is most suitable for you based on your financial circumstances.
Find out more about the Rent to Own (HomeSaver Programme).