SHARED OWNERSHIP PROGRAMME
The Shared Ownership programme is designed to help people buy their first home, with QLCHT as an investor and joint owner.
How it works
A qualifying household must raise as much as they can, between a deposit and home loan, so that they have at least 70% of the value of the property, with their deposit being a minimum of 5% the value of the home. QLCHT will contribute up to 30% of the value of the property.
This means that the household and QLCHT jointly own the property as ‘Tenants in Common’. A Property Sharing Agreement is signed by both parties, which sets the terms in which the partnership will operate.
As an example, if a property was valued at $550,000 the minimum requirements would be:
Household 5% deposit: $27,500
Household home loan: $357,500
TOTAL HOUSEHOLD SHARE (70%): $385,000
QLCHT SHARE (30%): $165,000
Total value of property: $550,000
To be eligible to apply for the Shared Ownership Programme applicants must meet the following basic criteria:
- The property must be used exclusively as the household’s primary residence and must not be vacated by the household for any more than four weeks over a 12 month period.
- The applicant's combined household income must not exceed a certain level, which is determined by the size of the household. Maximums will vary from $84,000 for a single person household to $127,000 for a six-person household.
- At least one person from the household entering into the Property Sharing Agreement must be a New Zealand permanent resident or citizen.
- At least one person from the household entering into the Property Sharing Agreement must be in full time employment in the Queenstown Lakes District (fulltime is deemed as 30 hours per week or more).
Frequently Asked Questions
View the most frequently asked questions.
View testimonials from households assisted by QLCHT in the past through the Shared Ownership programme.
Raising a deposit through KiwiSaver
Have you thought about using KiwiSaver for your deposit?
KiwiSaver is a voluntary, work-based savings initiative to help you with your long-term saving for retirement. It has a range of membership benefits including contributions from your employer and the government, as well as help with buying your first home.
There are two key benefits of KiwiSaver which are provided to assist you into home ownership.
1. KiwiSaver Withdrawal
After a minimum of three years membership of a KiwiSaver scheme, you may be able to withdraw; Your savings; your employer contributions and all returns.
Find out more about KiwiSaver withdrawal here.
2. HomeStart Grant
You can apply for this grant if you have belonged and have regularly contributed to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years. The HomeStart Grant provides eligible first-home buyers a grant of up to $5,000 per individual to put towards the purchase of an existing/older home, or a grant of up to $10,000 per individual to put towards the purchase of a brand new home.
Find out more about the HomeStart Grant here.
If you are new to KiwiSaver or you are already in the scheme and wish to find out more about the benefits, please visit the KiwiSaver website here.