Becoming a full homeowner
We want you to completely own your home as soon as you are financially able to do so within the first 15 years of ownership. Kāinga Ora will support you on this journey with a Goals Management Programme once you are living in your new home.
Goals Management Programme
The Goals Management Programme is available to help you stay on track with your goals toward home ownership. It involves annual meetings at your home with a Kāinga Ora Relationship Manager, who will work with and help you achieve the goals of:
- becoming a full homeowner (and doing your best to achieve this within 15 years)
- maintaining the home in a similar condition to when it was purchased
- you continuing to live at the home during the period of shared ownership.
You will need to provide us with information about the current and future financial circumstances of your household. This can include your current:
- household income
- expenses or other loan payments.
If you have not bought the share in your home owned by Kāinga Ora within the first 15 years of ownership, an annual administration fee from year 15 to cover reasonable costs incurred by Kāinga Ora will be charged.
Buying the share owned by Kāinga Ora
You can choose to purchase the share owned by Kāinga Ora as:
- a single lump-sum payment; or
- in smaller individual payments that each meet the minimum purchase amount (e.g. $1,000).
The amount required for your payment is determined by the value of the home at the time. This means that, if the value of the property has increased 10% from when you originally purchased it, the share of the home Kāinga Ora owns will cost 10% more to purchase.
Once you have fully purchased the share owned by Kāinga Ora, you have become a full homeowner.
Selling the home
First Home Partner is designed to help you become full homeowners, but during the period of shared ownership you may wish or need to sell your home due to:
- a change in your personal circumstances (e.g. a change in employment)
- a change in your financial circumstances
- no longer being able to purchase the share owned by Kāinga Ora.
Your Kāinga Ora Relationship Manager will be able to talk you through your available options.
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. For example, if Kāinga Ora still owns 10% of the property and it sells for $800,000, we are entitled to receive $80,000 from the sale.
If you have questions about becoming a full homeowner, get in touch with your Kāinga Ora Relationship Manager, or you can:
- Phone us on 0508 935 266
- Email us at email@example.com
Page updated: 5 October 2021