Progressive Home Ownership
Published 24 Jul 20
As house prices have increased, families who would once have bought a home have been priced out of home ownership. Families who, for example, can afford mortgage payments but are constantly chasing the market in terms of saving a deposit, or families who can get a small deposit together but are not able to afford the ongoing costs of a mortgage at current house prices.
The Government's $400 million Progressive Home Ownership Fund will help between 1,500 and 4,000 New Zealand families buy their own homes. The Fund will enable low to median income households partner with a progressive home ownership provider to access shared ownership, rent to buy, or leasehold arrangements to step into home ownership.
The Fund has a specific aim to address housing affordability issues for three priority groups: Māori, Pacific peoples, and families with children. The Fund will focus on places in New Zealand where housing affordability issues are most severe and where progressive home ownership can best help to address this.