Westpac NZ Works With Kāinga Ora To Get More Kiwi Families Into New Homes
Westpac NZ is welcoming a new shared equity scheme unveiled by Kāinga Ora that will provide a new and accessible path to home ownership for Kiwi families.
Under the First Home Partner product, eligible homeowners can apply to Kāinga Ora for an equity contribution of up to 25% of the purchase price or $200,000 - whichever is lower - on a new home before approaching a bank for lending. Westpac NZ worked with Kāinga Ora to help develop the scheme, and its customers can apply from today.
Westpac NZ Acting General Manager of Institutional and Business Banking Andrew Bashford says the shared equity model has the potential to bring the home ownership dream within reach for many more New Zealanders.
“This is a great example of businesses working together with government to offer greater opportunities for our customers,” Mr Bashford says.
“We know saving enough for a deposit is one of the biggest barriers to buying a first home. By contributing equity towards a home purchase, Kāinga Ora is giving customers a big helping hand, and we’re proud to have partnered with them on the framework to help make this possible.
“Westpac has helped first home buyers into 3,245 homes in the six months to the end of August – a 26.5% increase on the same time last year – and we’ll keep looking for innovative ways to help.
“We continue to support Housing Foundation shared equity schemes, and we’ve worked with iwi partners to help dozens of whanau into new homes. Another 200 customers are in brand new homes thanks to Westpac Prebuilt – a dedicated lending product for prefabricated housing, which can be faster and more affordable than traditional on-site builds.
“The First Home Partner scheme is another exciting addition to these options for first home buyers.
“Whatever their aspirations, we encourage people to come and talk to us about how we can help them get on the home ownership ladder.”
Kāinga Ora Senior Commercial Advisor Andrew Clapham thanked Westpac for helping develop the scheme.
“Getting more New Zealanders into their own homes will take a collaborative effort across government and business, and we appreciate Westpac’s time and effort in helping make First Home Partner a reality,” Mr Clapham says.
Customers can learn more about the First Home Partner scheme here.