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Saving up for your deposit and getting finance approved is major challenge for many Kiwis looking to buy their first home. In the recent rapidly moving market, many found it almost impossible to save fast enough for the deposit. We’ve long been supporters of shared equity as a great tool to support first home buyers - so when the government announced the creation of the First Home Partner scheme we were keen to help buyers access it.
Fletcher Living has always supported first home buyers by making the buying process easy and by building a range of homes ideal for first home buyers. Our sales team quickly saw the First Home Partner scheme as a useful tool to help aspiring homeowners, who just needed some extra help, to get them into their first home.
How First Home Partner works
As the name suggests, First Home Partner enables you to buy your home in partnership with the Government (administered by Kāinga Ora). Kāinga Ora makes the house purchase with you, but you are the majority owner. You will still require at least a 5% deposit and be able to obtain a bank loan for up to 80%. Kāinga Ora own the remaining share in your home which you buy back over time – until the house is entirely yours.
Detail and patience
Buying a house under normal circumstances requires a lot of detail with banks and lawyers checking every aspect of the sale and purchase agreement. So you can imagine adding another partner to the mix can make the buying process a little more complicated and lengthy. Sarah Beaumont, Sales Manager at Fletcher Living explains:
“It can be a complex scheme to navigate, but now that we’ve successfully completed a number of sales, we know how to streamline the process, we understand the sticking points, and we’re helping to make the process easier for our first home buyers. The joy we get from seeing families move in to their dream home makes it all worthwhile.”
First home, first class quality
Kāinga Ora’s First Home Partner scheme can be applied to any Fletcher Living home that’s for sale. You will be getting the same quality workmanship and specification as any Fletcher Living buyer. You also don’t have to select a smaller home than your need, just to be able to get on the ladder. As long as you have the approved finance in place and the support of Kāinga Ora’s contribution, you can buy the size of home you need to meet the needs of you and your family.
If you'd like to find out more about the Kāinga Ora First Home Partner scheme, talk to one of our New Home consultants or visit their website.