Tenant home ownership

Kāinga Ora has several products that may help you into home ownership

First Home Loan

You may qualify for a First Home Loan with a lower deposit requirement, visit the First Home Loan page or talk to one of the participating lenders.

KiwiSaver first-home withdrawal

If you are a member of KiwiSaver you may qualify to be able to withdraw all or part of your KiwiSaver savings using the KiwiSaver first-home withdrawal.

To find about the different products we have to assist first time home buyers call 0508 935 266, between 8am and 5pm, Monday to Friday or email kiwisaver.enquiries@kaingaora.govt.nz.

• To buy, you will likely need to be able to borrow money from a lender. For this you may need to show:
  • a good credit history
  • that you are able to make home loan repayments
  • that you have a cash deposit to secure the home loan.
• We can advise you of an estimated purchase price – be aware that this is only a guide and a proper valuation will still need to be made.
• Once you have shown you can afford to purchase at the estimated value, Kāinga Ora will order & pay for a valuation from a registered valuer.
• Your house will be sold at current market value.
• When the sale price has been determined, we also recommend you obtain a builder’s inspection report on the house. This will cost approximately $400. You may also wish to talk to a lawyer to ask any legal questions you may have.

There are other important costs you may have to consider when purchasing a home, such as:

• Legal fees – at least $1,000
• Lender’s mortgage insurance premium
• Builders report – approximately $400
• Loan application fee
• Land Information Memorandum (LIM) from your local council office

There are also ongoing costs of home ownership to consider including:

• Rates – at least $1,000 per year
• House and contents insurance – total of at least $700 per year
• Maintenance – this includes plumbing, painting, etc.

Your rent account with Kāinga Ora will need to be up to date by the time you purchase your home. This includes paying off any debt related to damages and income related rent.