Progressive Homeowners Scheme

Helping you take full ownership of your new home

Applicant Criteria  Quick Check

Answered YES to column one? Do you have:

Maximum household income under $150k
Other debt below $20k including credit cards, store cards, pay later accounts and personal loans etc
One owner who will be in full time work

Other Criteria Weighting:

A credit check will be completed on each applicant
Based on your household income ideally the cost of your mortgage will be no more than 30% of relevant household income
We have 2 x two bedroom homes, 1 x 3 bedroom homes, and 2 x 4 bedroom homes, so its important that our families fit the size of the homes available

What is Progressive Home Ownership?

If your borrowing capacity or deposit aren’t enough to purchase a home, we can partner with you to provide equity to bridge that gap. We become joint owners with you in the home, but you have full rights to live in the home and essentially, we are just a ‘silent’ partner. We commit to putting our equity into the home for 15 years and during that time we will work with you to help you take full ownership of the home and buy us out.

What is INVOLVED?

Check your eligibility to apply for the scheme by working through the diagram in this brochure. If you think you meet the criteria and Progressive Home Ownership is something you would like to explore, please email tat@tat.org.nz or call 0800 PASIFIKA (727 434) to receive an application form and make a time to meet and discuss your situation. Fill out your application form and send it to tat@tat.org.nz.

Start thinking about the information you will need to collate for the bank. We can help you access these things but if you have them - start putting them in a file for when you need it. Things like:

Payslips
Bank Statements
Employment contract showing annual salary
Information on any consumer debt or pay later schemes you might have

Having low debt will help your application for your mortgage. Have a think about how you can pay off any laybys, hire purchases, personal loans, credit cards etc and try not to take out any new debt. Again - we can help you organise these things and there are options to consolidate any debt you have with the mortgage so its not a deal breaker, just something to keep an eye on and work through.

If you meet the criteria we will meet with you to discuss next steps which will include speaking to a bank about a mortgage and preparing your family to meet bank expectations.

WhO is INVOLVED?

Home Foundation

Home Foundation is a charitable trust whose mission is to see an end to homelessness in Aotearoa New Zealand. We work to provide affordable, long-term housing for a range of tenants and first home buyers. We also invest in innovative ways to make homes more affordable to live in.

Home Foundation has received a grant from Ministry of Pacific Peoples and will also invest some of their own funds to provide 35% investment and will make a commitment to partner with the aiga for 15 years.

Tangata Atumotu

Tangata Atumotu provide support to the Pasifika Community in Canterbury to lead healthy and independent lives. One of their programmes - Island Wealth, provides financial capability building and provide mentoring to help Pasifika aiga achieve their financial goals. Tangata Atumotu will assess the aiga who apply for this scheme and work with them to become ‘bank ready’ and apply for their share of the mortgage. They will also conduct annual check-ups with the aiga (estimated to be 1-2 hours annually) - encouraging them to work towards full ownership of their home after 15 years.

Our PHO Scheme is based on the Kainga Ora First Home Partner model. They have some great tools on their website to help you understand the many home ownership options available in Aotearoa New Zealand. Their info on the First Home Partner scheme explains the basics of the Progressive Home Ownership opportunity Home Foundation and Tangata Atumotu are offering. Because our scheme is for Pacific Aiga we have some extra criteria or considerations which are detailed to the right.

The Homes

We have five homes available in the new Te Pakau Maru development in New Brighton. The homes will be completed in October 2024 ready for you to move in.