Shared Ownership
To help you get into your first home, our Shared Ownership Programme means Housing Foundation owns a portion of your home alongside you, and you buy us out over time – until one day you own it all. Typically, this can take seven to ten years – and we sit alongside you throughout that time to provide the support you need.
Here's how it works
- We are with you from the beginning to support you to reach your home ownership goal.
- We help you decide whether you can move straight into Shared Ownership or whether you need some more time, in which case our Rent to Own programme may be more suitable.
- We help you to find a mortgage provider that supports our Shared Ownership approach.
- You buy a majority share of your home (usually around 60% of the value, or more if you can afford it) and Housing Foundation owns the remaining share (e.g., 40%) of the home.
- Both you and Housing Foundation are recorded on the property title as owners.
- Over time, as you can afford it, you buy more of our share in your home, as you continue to pay the mortgage.
- You keep buying shares in your home until you own it all.
Do you qualify?
To be eligible for our Shared Ownership Programme, you'll need to:
- Be a New Zealand Citizen or Permanent Resident
- Be a first-time home buyer
- Have at least one member of the household in full time employment
- Have a household income that is between $85,000 and $110,000 per year, before tax
- Have manageable or no debt
- Have a deposit (you can use your savings and KiwiSaver for this)
Supporting you at every step of the way
We guide you through the process. We'll work in partnership with you to understand your specific circumstances and create a financial plan to help you get to home ownership. We do more than just provide a sale and purchase agreement. This includes working with you to create a budget and savings plan to help you reach your deposit and manage your outgoings. It may also mean considering our Rent to Own scheme if you are not quite ready to buy. We are your partner along the way – including once you make the purchase.
No interest or hidden charges
There is a modest annual management fee, but you won't pay any rent or interest. Most families can fully own their homes within 5-10 years.
Funding your initial purchase
A key part of getting started is the need for a reduced deposit and smaller mortgage to buy the share in your home. Your deposit can be your KiwiSaver savings plus any other savings you have. We’ll support you in getting a mortgage from the bank. This will all be explained to you in detail before you are asked to sign a Shared Ownership Agreement.
Increasing your ownership share
As you can afford it, you can purchase more of our share until you own it completely.
When it's time to sell
You can decide to sell your home at any time, either by offering it back to us at market valuation, or if we don’t buy it back, you can sell it on the open market.
