Faringdon is a vibrant new development within the established Rolleston township. It is well serviced with modern schools and community facilities with the Hornby employment locations under 15 minutes drive away.
The Housing Foundation has five 3-bedroom stand-alone houses currently under construction in Faringdon that will be completed and available before Christmas 2017.
Selected households that meet the criteria will initially be able to rent a new home in Faringdon for up to 5 years, paying approximately 30% of their gross household income as rent. They will have the first right to purchase an equity interest in their rental home once they can satisfy the Affordable Equity programme criteria below.
Who Can Apply for Housing Foundation’s Affordable Housing Programmes in Faringdon?
Affordable Equity Criteria
To be able to transition from Affordable Rental to Affordable Equity, you must be able to meet the following criteria:
- Have minimal or no debt
- Be able to save at least $10,000 as a deposit, including Kiwisaver and Homestart Grant
- Be able to qualify for a mortgage, which we will assist you in obtaining, from one of Housing Foundation's partner banks.
Affordable Rental Criteria
At the commencement of the rental tenancy, you must be able to meet the following criteria:
- Be fully commited to owning your own home
- At least one member of the household be in full time employement
- Permanent New Zealand citizenship or residency
- No previous home ownership interest
- A total gross household income of between $60,000 and $95,000 per annum
- A manageable debt level and a viable plan to reduce it over the rental term.
As a first step to finding 'a home to call your own', please register here.