Shared Ownership could be your chance to own your own home in Auckland for probably less than you think. The programme offers first home buyers a helping hand by providing an opportunity for the buyer and Housing Foundation to share the ownership of a property.
You buy a majority share of the property (usually 60% or more), which makes it more affordable than if you were to buy 100%. We can help you every step of the way to get a mortgage from a bank to help buy your share.
Housing Foundation retains ownership of the remaining share (for example, 40%) and both you and Housing Foundation are recorded on the property title as owners until you are able to buy us out. We have done this successfully with hundreds of families and most are able to buy us out after 7 to 10 years.
To keep it affordable, in our programme your mortgage payments won’t be more than 30% of your income.
Because the Housing Foundation is a charitable organisation we have some rules around who we can help.
– Be a New Zealand Citizen or Permanent Resident
– Be a first home buyer
– At least one member of the household in full time employment
– Manageable debt (not including student loans)
– A combined household income $85,000 – $120,000 gross before tax
- Flat Bush
- Manukau Central
- Omokoroa, Tauranga