Kainga Ora Shared Partnership Scheme

First Home Partner, is when Kāinga Ora make a financial contribution to purchase and share ownership of a home...

This scheme applies to existing brand-new homes built or to be built (turn-key deals) The Kainga Ora amount is to be repaid to Kainga Ora interest free over the next 15 years.

The income cap for the last 12 months earnings for a household is $130,000.

Clients must have either of the following.

• NZ residency

• NZ permanent residency

• NZ Citizenship

Process

• Clients apply to Kainga Ora Shared Partnership Scheme and get preapproval.

• Next, Clients are qualified by the bank for the maximum amount of lending that the bank can approve them for.

• Then, clients put in their deposit from Savings, Kiwisavers, Subsidy and Gifts.

• Then, Kainga Ora put in the remaining amount up to $200,000 for the purchase of the property, or up to 25% of the purchase price (whichever is lower)

Clients must own and live in the property for a minimum of 3 years.

Example of a $1,000,000 property

A couple earning $65,000 salary each with no debts or children apply (note the $130,000 income cap).

Based on an average cost of living (as at 03/05/2023) this couple can afford $730,000 in lending. They have $70,000 from savings and Kiwisaver. Kainga Ora will put in $200,000 equity. Meaning they can buy a home of around $1,000,000.

For complete details Contact: Kainga Ora or check their website

Phone: 0508 935 266

Email: firsthome.enquiries@kaingaora.govt.nz

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