Open to New Zealand citizens* over 18 years of age, Kāinga Ora’s First Home Partner functions as a shared (or co) ownership model.
This means although you’re the majority homeowner, Kāinga Ora is a third-party shared owner of the property and the relationship between you is governed by a Shared Ownership Agreement. Your house is on its own title, and you and Kāinga Ora co-own the home together as tenants in common.
Kāinga Ora will contribute up to a certain amount towards the price of the property, giving them an equivalent ownership share. You then pay that amount back to them until you’re the sole homeowner.
If for instance you have a 5% deposit for the house you want to buy, and a bank is willing to lend you 75%, Kāinga Ora would contribute the remaining 20% of the house (giving them a 20% ownership stake).
The maximum amount Kāinga Ora will contribute towards a home purchase is 25% or $200,000 – whichever amount is lower.
*This covers New Zealand citizens, permanent residents, or resident visa holders who are “ordinarily resident in New Zealand”; OR if you’re 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.