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Home Ownership In Queenstown Now Truly Affordable With Housing Trust

Home ownership in Queenstown has never been more affordable thanks to the Queenstown Lakes Community Housing Trust’s ground-breaking assisted ownership model, Secure Home.

Three years after signing a contract for 50 of the 78 units in the Toru development at Remarkables Park, Frankton, the project was completed last month, and QLCHT is set to take possession of its units next month.

QLCHT is currently in the process of allocating Secure Home units to 25 households from its waiting list, with prices starting from just $200,000 for one-bedroom units.

QLCHT executive officer Julie Scott says average one-bed units are selling for $220,000 and two-bedroom unit prices average $320,000.

“Team these sale prices up with a deposit requirement of just 5%, for those who qualify for the Government’s First Home Loan, and it makes these units the most affordable method of home ownership in Queenstown at present,” she says.

Households also pay a ground rent of 1% on the “land” value component of the property which averages about $40-$50 per week.

A typical one-bedroom apartment purchaser will end up paying a total of about $200 per week for mortgage repayments, ground rent and body corporate fees, Scott explains. “Two-hundred dollars per week to own your own home is a no-brainer compared to the same amount to rent a room in a flatting situation.”

On top of this, other outgoings such as electricity and heating are expected to be very low due to the highly insulated design of the building.

Approximately 15 of the Secure Home units have been allocated, and the Trust is continuing to seek applications from households for the remaining 10. “The first step is to head to our website and register your interest, if you’d like to be considered for purchasing one of these fantastic properties,” Scott adds.

The Secure Home units at Toru attracted an interest-free loan of $6.35 million from the Government last year, as part of its bid to increase alternative forms of home ownership around the country.

A further 15 units are going into Public Housing, while a handful are being sold on the open market and the balance are being retained as affordable rentals or rent-to-buy units with the Trust.

The first of its kind in New Zealand, Secure Home is a programme where people purchase the properties through a 100-year land lease arrangement, with the Trust retaining ownership of the land in perpetuity.

Established to manage and deliver affordable housing solutions to residents who cannot afford it, QLCHT has several programmes in place to help low-moderate income households including public housing, assisted rental, rent-to-buy, and assisted ownership.
 

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