Waiho i te toipoto, kaua i te toiroa - Let us keep close together, not wide apart
This whakatauki/Proverb speaks to the importance of keeping connected, of maintaining relationships and dialogue so that we can keep moving forward together. It could be used when sharing information about projects that bring people together.
Understanding your finances
Want support in helping you achieve your homeownership goals?
Jackson Tutahi will help you navigate the journey of being mortgage ready and when you are, Jackson will be the conduit between you and a broker
Contact us, and let’s begin your journey to your new home.
First Home Decision Tool
To understand what 1st home owners home loan package may be eligible for, Kainga ora have set up the Decision Tool webpage for you to use!
You can visit the site here.
Kāinga Whenua Loan Scheme
Kāinga Whenua loans provide access to finance to help Māori achieve home ownership on their multiple-owned Māori land.
Assists Māori to build, purchase, or relocate a house onto multiple owned Māori land.
The loan can also be used for repairs and maintenance to an existing home already on the land.
Kiwibank can lend you up to $500,000 for the construction or purchase price of the house, subject to certain conditions. These conditions include your license to occupy the land, a valuation from a registered valuer and a satisfactory building contract.
No deposit is required for a loan below $200,000, but a deposit requirement of 15% for every dollar borrowed above $200,000 will apply. For example, a $400,000 loan would require a deposit of $30,000.
A Kāinga Whenua loan allows whānau to contribute to the repayment of the loan, as only one borrower is required to live in the house full time.
For information regarding Kainga Whenua Home Loan you can call and discuss with Kainga Ora between 8am and 5pm Monday to Friday on 0508 WELCOME 0508 935 266
As an individual, wanting to understand Kainga Whenua Loan please click here.
As a Maori Land Trust, wanting to understand Kainga Whenua Loan please click here.
First Home Partner
First Home Partner is a shared ownership scheme by Kāinga Ora.
Designed to help first home buyers whose deposit and home loan are not quite enough to purchase alone.
It is available nationwide to purchase a new home or a home ‘off the plans’.
You will need a minimum of 5% towards the home purchase.
Kāinga Ora will make a contribution towards your deposit of up to 25% or $200,000 – whichever is lower.
The amount that Kāinga Ora contributes is separate to your home loan and is interest free.
You must meet the lending requirements of a participating bank to secure a home loan.
To see if you are eligible for the First Home Partners package please click here.
Shared Home Ownership
Shared Home Ownership will not feel any different from full homeownership from day-to-day.
You are the majority homeowner and occupier and will be responsible for the upkeep and maintenance of the home along with any associated costs of the home such as rates, insurance, body corporate or resident levies.
Kāinga Ora will purchase the home with you, and will share ownership of the home as a co-owner on the Title.
Your relationship with Kāinga Ora will be governed by the shared home ownership agreement which outlines the obligations and responsibilities for both parties.
You must “do your best” to buy out Kāinga Ora shares within 15 years from the date of settlement on your home (25 years is the latest). You can buy back the shares in one lump sum payment or smaller individual payments (minimum of $1000).
Kāinga Ora will provide you with a Goals Relationship Manager who will be your key point of contact and visit you annually to support the goal of achieving full home ownership.
If the home is sold when Kāinga Ora is still a shared owner, the sale proceeds will be split proportionate to the share held by each party.
First Home Loan
First Home Loan helps eligible first home buyers secure a loan with a 5% deposit.
There are no house price caps.
First Home Loans are issued by selected banks and lenders, and underwritten by Kāinga Ora.
Kāinga Ora sets the eligibility criteria, and the bank or lender that assesses First Home Loan applications makes the final lending decision.
Participating Lenders Credit Criteria
You will need to meet the specific lending criteria of the participating lender you choose before a First Home Loan can be made. Lender criteria may differ however will include your financial ability to repay the loan, your current level of debt, and your credit history.
Approvals
You can apply for a First Home Loan pre-approval to find out if you are eligible and how much you can borrow or you can apply for a final approval if you have already found a property that you wish to purchase.
To see if you are eligible for First Home Loan please click here
First Home Grant
Available to first-time home buyers and previous home owners.
If you buy an existing home you can get up to $5000 per person.
$1,000 for each of the 3-5 years you've paid into the scheme.
If you buy a new home or land you can get up to $10,000 per person. $2,000 for each of the 3-5 years you've paid into the scheme.
You can apply for a pre-approval before you start looking for a property to buy to make sure you are eligible and how much you may qualify for or;
a grant approval if you've found a property and have a signed sale and purchase agreement.
To check if you are eligible for the First Home Grant please click here.
Kiwisaver First-Home Withdrawal
Eligible members can withdraw their KiwiSaver savings (including tax credits). However at least $1,000 must remain in their KiwiSaver account.
You must intend to live in the property. It cannot be used to buy an investment property.
You must not currently own a home or land or have a share in property
If you are a member of a complying fund, you may be able to withdraw your savings to help you buy your first home. You will need to discuss this with your fund provider.
First-home buyer
Contact your KiwiSaver provider or complying fund provider to apply.
Previous home owner
Kāinga Ora is only involved in the savings withdrawal if you have previously owned a home or land. We will need to determine whether you are a qualifying person and in the same financial position as a first home buyer. You cannot have realisable assets totaling more than 20% of the house price cap for an existing/older property in the area that you are looking to buy in. The realisable asset cap for Wellington is $150,000.
To find out more about Kiwisaver first-home withdrawal please click here