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Affordable Home Ownership – Homes Available now!

Homes looking for new owners

Occasionally Housing Foundation has an existing home become available for a new owner.

This could be the opportunity you and your family are looking for to join our shared ownership or rent to own programme and become a home owner.

Here are the homes we have available now.

Whakawhiti Loop, Avondale, Auckland

Shared Ownership

These homes have found new owners… but watch this space for other opportunities to own an existing home coming soon!

Two houses now available in a new housing development located in Avondale, West Auckland:

  • One 3 bedroom, 1 bathroom, modern townhouse
  • One 2 bedroom, 1 bathroom, modern townhouse

Households who meet these qualifying requirements are invited to apply for our Shared Ownership Programme 

  • You are a NZ Citizen or Permanent Resident (this is a condition of the mortgage lending terms of our banks), and
  • You are a first home buyer, and will live in this house, and
  • At least one of your household is in full time paid employment, and
  • You have manageable personal debt (not including Student Loans) that can be paid off within 5 years, and
  • You have a good credit record, and
  • You will be able to qualify for a mortgage; Housing Foundation will assist you in getting a mortgage from one of our supporting banks.

If you believe that this opportunity matches your current circumstances, please check the Application Guide as a first step.

How Shared Ownership works

  • You buy what you can afford – usually a minimum of 60% of the value of the property
  • Your share grows in proportion to your investment
  • You can increase your share to 100% over time; Housing Foundation encourages you to become the full owner of your home
  • When you want to move on you can sell your share (e.g. 60%) back to the Housing Foundation based on an independent valuation, or you and the Housing Foundation can sell the property on the open market with the proceeds being shared according to the ownership percentage (e.g. 60% / 40%)

Under this arrangement, you secure a mortgage with a bank. Housing Foundation will assist in this process as we work with major banks who support our programme.

As your financial situation improves, you can increase your share (percentage) of ownership until you own the property 100%.

Each time you apply to purchase additional shares in your property, you are required to pay an Application Fee which covers a new valuation and our administration costs. You may buy additional shares from one year after moving in, in portions of no less than 5% at a time, until you own 85%. The final purchase of 15% is to be done in one transaction and then you own your home 100%.

Housing Foundation does not charge you rent or a monthly fee on the share it owns. We do charge an Annual Management Fee to cover operational overheads, dealing with the administration of the property and for assisting you achieve full home ownership over a period of time.

How do I qualify for the Shared Ownership Programme?

You need to be:

  • A New Zealand Citizen or Permanent Resident
  • A first-time home buyer
  • Have at least one member of the household in full time employment
  • Have manageable debt
  • Have a deposit. This can come from your KiwiSaver account if their terms and conditions are met. Please check the requirements for the location you are applying for, as they do vary.

Where are the houses?

Please check our locations for where we are building now and in the near future.

How is the market value of the property determined?

It is determined by an independent registered valuer, who sets the value based on recent sales in the area.

What role does Housing Foundation play as shared owner?

Housing Foundation plays a passive role.  Housing Foundation does not charge the household any interest or rent for its share of the property.  When the property is sold, both the household and Housing Foundation get their share of any increase in the value of the property.

For example, the below figures show a household ownership share of 70%:

Property purchase price (example only)   $700,000
Household’s ownership amount (70%) $490,000
Housing Foundation’s ownership amount (30%) $210,000

How often can I increase my share in the house?

You may purchase more shares-a minimum of 5% each time-in your home any time after the first anniversary of your purchase date.  Once you own 85% of your home, you must buy Housing Foundation’s remaining 15% in one transaction.

How long could it take for me to fully own the house 100%?

Housing Foundation expects you to fully own your home within 15 years.  If you do not own it outright by then, Housing Foundation will charge you interest on the share of the house that you do not own.

How do I apply for the Shared Ownership Programme?

You apply using the online Application Form.

What happens next?

Housing Foundation will assess your Application and advise you which programme is most suitable for you based on your financial circumstances.

Find out about the Rent to Own (HomeSaver) Programme.

How do I apply?

Are you ready to begin the application process?

Once you submit an Application, it can take up to 6 months before you are approved for a home. Not every Application is successful but we will do all we can to help you become a homeowner as quickly as possible. This may include helping you manage your finances better so you become ready to take on the responsibilities associated with home ownership.

Check these essential requirements

  • You must be a NZ Citizen or Permanent Resident, and
  • You must be a First Home Buyer, and
  • One person in your household must be in full time employment

Check locations and eligibility criteria

Check the locations where Housing Foundation is building homes now or in the future and the eligibility criteria and requirements for each of those Locations.

Check that you have all the Supporting Documents

Housing Foundation needs your personal, financial, family and employment information so we can assess your application.

For each Applicant you will need to upload or send:

  • Proof of NZ Citizenship or Permanent Residency
  • Three most recent, consecutive payslips verifying your income for the current year
  • Statements of debts (e.g. hire purchases, finance company loans, etc.)
  • Three most recent, consecutive Bank Statements showing savings/deposit
  • KiwiSaver Statement or Letter showing savings
  • Cover letter is optional but helps us to understand your circumstances

Complete your application form

Complete our secure online Application Form here

OR download the Application Form, complete it by hand and send by courier or registered mail for security reasons, with all the Supporting Documents to: Housing Foundation PO Box 44018 Pt. Chevalier Auckland 1246

What happens next?

Once you have submitted your Application Form and supporting documents to the Housing Foundation you will be sent an acknowledgement message. It may be several days or (sometimes) weeks before you are contacted again. Please be patient while we assess your Application – there is a lot of information to go through.