The eligibility criteria for the Kainga Ora co-ownership scheme in New Zealand are as follows:
Citizenship or residency: To be eligible for the co-ownership scheme, you must be a New Zealand citizen or permanent resident.
Income and asset limits: You must meet certain income and asset limits to qualify for the co-ownership scheme. These limits vary depending on the region and size of the property, but they generally ensure that the scheme is targeted towards those who cannot afford full ownership options. Your income cannot exceed $150,000 for a couple in the last 12 months
First home buyers: You must be a first home buyer, meaning that you have not previously owned a property in New Zealand, or currently own property (this includes bare land and home and land packages).
Mortgage pre-approval: You must have a pre-approved mortgage from a lender, showing that you are able to finance your share of the property.
Legal requirements: You must meet all the legal requirements for purchasing a property in New Zealand, including providing proof of identity and signing a co-ownership agreement with Kainga Ora.
It is important to note that meeting these eligibility criteria does not guarantee that you will be able to participate in the co-ownership scheme. The availability of properties and the demand for co-ownership options may also impact your ability to participate in the scheme.
Kainga Ora “5% deposit loans”
Kainga Ora is a government-owned agency in New Zealand that provides affordable housing to those in need. One of the options that Kainga Ora offers is a co-ownership structure, which allows individuals or families to buy a share in a Kainga Ora property, while the remaining share is owned by Kainga Ora. The co-ownership structure is designed to make home ownership more affordable for those who may not be able to afford a full ownership option. These loans require only a 5% deposit
Buying in a Kainga Ora co-ownership structure involves several steps. The first step is to check if you are eligible for the co-ownership scheme. This can be done by contacting Kainga Ora directly or visiting their website. Once you have confirmed your eligibility, you can start looking for a suitable property that is part of the co-ownership scheme. You will need to make an offer to buy a share in the property, which will be subject to approval by Kainga Ora. If your offer is accepted, you will enter into a co-ownership agreement with Kainga Ora, outlining the terms of the co-ownership structure, including the share of the property that you will own and the responsibilities and obligations of both parties.
