First Home Partner is the new initiative from the government, and is a shared ownership scheme provided by the New Zealand government through Kainga Ora. It helps first home buyers whose deposit isn’t quite enough to bridge the gap and purchase a home that meets their needs.
Applications will be assessed on a case-by-case basis, and you could receive a contribution of up to $200,000 towards your home purchase. You will need to meet the First Home Partner criteria. These requirements a 5% deposit, and planning to live in the property for at least three years from your settlement date.
Shared ownership means that you initially share ownership of the home with Kainga Ora. You are the majority homeowner and the occupier, but they will own a share of the home that you will buy out over time. It won’t feel very different from the full ownership of the home from day to day, and is a great way to get your foot on the property ladder.
Homes eligible for First Home Partner must be new builds. There are no price caps, but you will need to be able to contribute to a 5% deposit, and service the repayments of the mortgage.
The friendly team at Solution Street understand how intimidating all this paperwork can be to first home buyers, which is why they support you through every step of the process, including providing advice on your First Home Partner application. They provide complete beginning-to-end new home solutions, so you can take advantage of the government help available to you and your first home.
Contact Solution Street today for First Home Partner advice and see how they can help you turn your dreams of a first home into a reality, so with this in mind, please take a moment to find out more about first home buyers and buying a house with Kiwisver by visiting the website at https://www.solutionstreet.co.nz .
