Housing organisations to also help buyers
The New Zealand government has launched a new shared-ownership product to give individuals, families, and whānau more opportunities to buy a home through the Progressive Home Ownership (PHO) Fund.
Housing Minister Megan Woods stated that 53 families now live in homes resulting from the PHO since the programme launched last year, with a further 113 contracted and on the way to owning a home.
The new shared-ownership product, First Home Partner, allows the Kāinga Ora to take an equity share in a property to assist first-home buyers (FHBs) who can service a mortgage but need help raising their deposit.
“A core belief of this government is that everyone deserves a warm, dry and secure home, whether they own or rent,” Woods said.
“This phase of the PHO scheme lends directly to households who don’t require the kind of intensive support to manage their finances as offered through the Provider pathway.”
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Aside from the new product, Habitat for Humanity and Queenstown Lakes Community Housing Trust will also help Kiwis enter the housing market by building 50 more homes across the country for progressive home ownership after Te Tūāpapa Kura Kāinga – Ministry of Housing and Urban Development (HUD) approved their loans.
In addition, HUD has opened a second round of funding through the PHO Fund’s Provider pathway and continues to work with Iwi and Māori organisations through Te Au Taketake to establish progressive home ownership products.
The $400 million PHO Fund aims to help around 1,500 to 4,000 individuals, families, and whānau buy homes and focuses on supporting households unable to buy a home and Māori, Pacific people, and families with children.
“Decades of under-investment in housing and infrastructure have pushed home ownership out of reach for too many families. This government is embracing innovative solutions to enable more families to own their own homes and secure their futures,” Woods said.
