Kainga Ora Shared Ownership Scheme

The First Home Partner scheme, administered by Kāinga Ora – Homes and Communities, is designed to assist first-time home buyers in New Zealand who can afford mortgage repayments but struggle to meet the required deposit or secure sufficient financing. Through this shared ownership arrangement, Kāinga Ora contributes up to 25% of a home's purchase price or NZ$200,000, whichever is lower, in exchange for an equivalent ownership share in the property.

Shared Ownership: Participants co-own the property with Kāinga Ora, which holds a proportional share based on its financial contribution. Homeowners are expected to buy out Kāinga Ora's share over time, aiming for full ownership within 15 years.
Eligibility Criteria: Applicants must have a minimum 5% deposit, a household income not exceeding NZ$150,000, and plan to live in the purchased home for at least three years. As of July 2023, the scheme also accommodates larger intergenerational whānau of six or more people.
Annual Reviews: Participants engage in yearly meetings with a Kāinga Ora Relationship Manager to assess financial progress and strategize the purchase of Kāinga Ora's share, with the goal of achieving full homeownership.
Property Management: Homeowners are responsible for all property-related expenses, including mortgage repayments, rates, and insurance. Kāinga Ora's approval is required for significant renovations or if the homeowner intends to sell the property before fully purchasing Kāinga Ora's share.

For the most current information and potential future opportunities, please visit the Kāinga Ora website: Kāinga Ora – Homes and Communities