In this short video Sunil talks about First Home Partner, the shared home ownership scheme supported by the Government through Kāinga Ora.
It’s a great option for people that have a minimum 5% deposit and are committed to being at your new home (as your primary place of residence) for at least three years.
Kāinga Ora are able to offer First Home Partner to first home buyers that meet the criteria.
You will need to meet the lending requirements of a participating bank to receive a home loan and be able to contribute a minimum of 5% of the purchase price of the home you are interested in buying.
Then you will need to do your best to purchase the share of the home owned by Kāinga Ora within the first 15 years of ownership, and must have purchased the share in full by the 25th anniversary from the date of settlement on the home
Download my guide for more information.
The First Home Partner Criteria
To be eligible for the First Home Partner shared home ownership you must:
- be over 18 years old
- be a New Zealand citizen, permanent resident, or a resident visa holder who is “ordinarily resident in New Zealand”; OR be applying with someone who meets the citizenship or residency requirements, and you are married to or in a civil union or de facto partnership with that person
- be a first home buyer
- not previously received shared ownership support from Kāinga Ora
- have a total household income before tax of no more than $130,000pa for the previous 12-months. Check this on your MyIR as it is for the previous 12-months NOT what you currently earn.
- have a good credit rating (subject to a credit report) – you can get a copy from Centrix here.
I Can Help You With First Home Partner
I have been helping people with both the First Home Partner shared ownership and by using YouOwn for people that might not fit the criteria.
YouOwn offer another option, and I have used when people want to buy an existing house, when their incomes exceed what is allowed under the First Home Partner scheme and also when a person’s credit check is not as good as needed.
My aim is always to find you the best options for buying your first home.
