Our Affordable Rental Programme helps people who thought they could never own their own 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:
- Looking for a safe, secure, stable home for you and your family
- Trying to save for a deposit
- No spare cash - too many weeks in the month!
- Have credit card and/or other debt
- An income or credit history in which the banks won't give mortgage finance
- Renting feels like money down the drain and you are paying a high percentage of your household income on rental costs
- Are desperate to own your own home but feel like there is no way to make it a reality.
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 and determined by what is affordable based on your total gross household income (before tax)
- Over a 5 year period The Housing Foundation provides financial planning support so you can clear your debts and save a deposit
- You will join Kiwisaver (if not joined up already) and after the qualifying period can use your savings towards the deposit for your home
- Assuming the property increases in value above the original cost, you will get a portion of this increase (generally 25%) to use as a deposit to buy your home
- After 5 years, instead of paying rent, you will have similar-sized mortgage payments - but now you are buying your own home.
Find out more detail on Affordable Rental in our Frequently Asked Questions (FAQs).