Te Puna Wai has been developed for Taranaki iwi, with options to rent or own. For those who want to own their own home, several options are available:
If your Te Puna Wai home will be your first home, and you are eligible, you can withdraw all but $1,000 of your KiwiSaver savings to put forward for the purchase of your house. Find out more
KiwiSaver FirstHome grant:
After 3 years of contributing to KiwiSaver, you may be entitled to a KiwiSaver First Home grant. The grants are administered by Housing New Zealand and will be paid to your solicitor. Because Te Puna Wai homes are new, you may be eligible for $2,000 per year of membership in the scheme, up to a maximum of $10,000 for five years for each member. If two purchasers for the same home are eligible, the maximum grant is $20,000 for the purhcase of a new home. Eligibility criteria applies. To find out more you can also call them on 0508 935 266.
Welcome Home Loans:
Finding the deposit for your first home can be a struggle, with most lenders currently requiring a minimum 20% deposit. But with a Welcome Home Loan you only need a 10% deposit which means getting into your first home is that much easier. Welcome Home Loans are issued by selected banks and other lenders, and underwritten by Housing New Zealand. This allows the lender to provide loans that would otherwise sit outside their lending standards.
With a value cap of $550,000 for a new home in Lower Hutt, some homes in Te Puna Wai would come under the Welcome Home Loan scheme, so for more information about whether you would qualify for a Welcome Home Loan, visit their website .
Shared Equity Homes:
Need a helping hand? You provide the deposit + mortgage, Taranaki Whānui (with a crown contribution) contributes an initial 30% interest free. The goal is that over 5 years, you’ll have generated enough equity in the property to affordably re-mortgage for 100% ownership. The Trust has negotiated a Crown grant which will enable 15 whanau into these shared equity homes, but you’ll also need to undertake a mandatory financial education course, this course will be delivered through a series of workshops over 8 weeks, run by former trustee Peter Jackson. Whanau who go on to purchase a shared equity home also receiving a further 5 years of budgeting support, a hugely valuable support package to give whanau the best possible start in their home ownership journey.
Strict Eligibility Criteria applies and you must register your interest in Te Puna Wai to understand next steps.