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First Home Partner
Update from Kainga Ora - 29 September 2023
First Home Partner is a shared ownership scheme that has helped hundreds of aspiring first-home buyers purchase a home since October 2021.
Due to recent unprecedented demand, this scheme is now fully subscribed and therefore we will not be accepting any new applications while we work through our commitments to those already in the scheme. We will shortly be contacting current applicants to confirm the status of their application.
First Home Partner is a government run shared ownership scheme for First Home Buyers and is managed by Kāinga Ora. First Home Partner can help bridge the gap if your deposit and home loan aren’t quite enough to buy either an existing or new-build home through the scheme. The following is a broad summary of the scheme. For full details go to First Home Partner on the Kāinga Ora website, or view their brochure to find out more First Home Partner brochure.
What is Shared Ownership?
Shared ownership means that a third party also owns a share of your property by contributing equity to the purchase of the property (in this case Kāinga Ora) which you repay under an agreed arrangement.
Who is Eligible?
- NZ citizen, permanent resident, or resident visa holder
- Over 18 years of age
- Total household income of no more than $150,000 before tax
- Have a good credit rating
- First Home Buyer
- Not previously received shared ownership assistance from Kāinga Ora
To check if you are eligible for First Home Partner visit https://kaingaora.govt.nz/
Other Criteria
- Must be for purchase of a property that you will reside in for at least 3 years.
- Have a minimum 5% deposit (this can be via savings, KiwiSaver, First Home Grant or money gifted)
- Meet lending criteria for the relevant participating bank (Westpac, BNZ, or SBS)
- Must be a brand-new home ‘new build’, an ‘off the plan’ purchase, or an existing home with minimal house maintenance under $5,000.00.
How Much Equity will the First Home Partner scheme contribute?
- Applicants are assessed on a case-by-case basis with the Maximum contribution up to 25% or $200,000 (interest free), whichever is the lower.
How do I apply?
Visit Apply for First Home Partner on the Kāinga Ora website.
Need Assistance Applying for a First Home Partner Loan?
To see if First Home Partner might be right for you, complete the form below and our registered mortgage advisor, Dustin, will be in contact.
Update from Kainga Ora - 29 September 2023
First Home Partner is a shared ownership scheme that has helped hundreds of aspiring first-home buyers purchase a home since October 2021.
Due to recent unprecedented demand, this scheme is now fully subscribed and therefore we will not be accepting any new applications while we work through our commitments to those already in the scheme. We will shortly be contacting current applicants to confirm the status of their application.
Kainga Ora First Home Partner Program Blog
Lesley had the opportunity to sit down with Martha Williams from Kainga Ora recently and found out more about the new First Home Partner program This is a fantastic option to help first home buyers into their first homes and well worth finding out more, check out the full discussion.