Providing Tāmaki families with financial tools to buy homes
7 June 2017
Tāmaki Regeneration Company is helping local families get into home ownership.
Over the past 18 months, more than 100 Tāmaki families have completed a financial capability and mortgage readiness programme run by TRC in conjunction with the Commission for Financial Capability. Since then, two thirds of those who took part in the programme are working towards home ownership.
Forty four families will be financially ready to take on a mortgage within the next year and 38 families will be mortgage ready within three years. These families will continue to receive financial planning support through to home ownership.
As part of the Tāmaki regeneration programme, TRC will deliver 7500 new social, affordable and private market homes in Tāmaki over the next 10 to 15 years. People who live in Tāmaki or who have a strong connection to the area will be given priority in TRC’s affordable housing programme.
So far, seven Tāmaki families have bought homes with financial planning help from TRC. Six of these couples bought two bedroom market affordable homes in Glen Innes and another local family purchased a full market home in Mount Wellington.
Of the six families who purchased affordable homes, five families bought their houses from developer Creating Communities Limited and one from Mike Greer Homes. These families bought their affordable houses for $650,000 which is approximately two thirds of the Auckland median house price.
To take up this opportunity, couples can earn a combined household income of up to $150,000 before tax. If they meet the New Zealand Government’s Welcome Home Loan criteria, they can put the Home Start Grant and their KiwiSaver savings towards the minimum 10 per cent deposit.
TRC’s strategy and operations general manager Shelley Katae says regeneration provides opportunities for more diverse housing options. “TRC will deliver new houses to meet the needs of people from across the Tāmaki community, not just those in social housing or those that can afford to buy a house on the private market.
“It’s about equipping Tāmaki people with the financial skills they need to get into home ownership and making sure local residents can continue to live in the area.”
View and download TRC’s affordable housing video here.
About Tāmaki Regeneration Company
Tāmaki Regeneration Company (TRC), which is jointly owned by the NZ Government and Auckland Council, is leading a first of its kind urban regeneration programme across the Auckland suburbs of Glen Innes, Panmure and Point England.
Over the next 10 to 15 years, TRC will replace about 2500 social houses with approximately 7500 social, affordable and private market houses. Social housing tenants who are impacted by redevelopment will have the opportunity to stay in Tāmaki. Together with the Tāmaki community, TRC is creating quality, well planned neighbourhoods, providing social and economic opportunities and helping to improve the health and well-being of local people.
If you are a first home buyer with a strong connection to Tāmaki and would like to get on the register for affordable housing, email email@example.com