“It’s a commercial take on the Bank of Mum and Dad for new home owners.”
The continuous hunt for new ways to help New Zealanders get into their first home has prompted BNZ to support an exciting new Shared Ownership option for first time home buyers.
Available early next year, Shared Ownership will give eligible customers who are saving for a deposit the opportunity to get into their first home faster.
“Some New Zealanders are lucky enough to have mums and dads topping up their savings, so they can get the deposit to buy a house,” says BNZ Chief Customer Officer, Consumer and Wealth Paul Carter. “Not everyone has family to call on in this way and that’s where Shared Ownership could help,” says Mr Carter.
BNZ’s supporting a commercial Shared Ownership model that teams potential home owners up with a trusted industry partner. Together they build the funds required to purchase the house with the help of BNZ and the third party takes an equity share in the property.
Shared Ownership includes fees and other terms and conditions and is explained more in the video on our Shared Ownership page, so customers can get a better sense of whether it’s an option that might suit them.
Housing Minister, Hon Phil Twyford agrees that shared ownership schemes like this can play a role in getting more, hardworking New Zealanders into their own homes. “We are looking at a similar scheme for low income earners so it’s great to see BNZ looking at a progressive home ownership model like this.”
BNZ’s Paul Carter adds “At BNZ we’re passionate about getting more New Zealanders into homes. This means a commitment to providing a broad range of options to give New Zealanders more opportunities to explore as they take the first step onto the property ladder. Shared Ownership is another way that BNZ can help our customers get into their first home.”
Shared Ownership will launch with a pilot targeted at potential customers looking to buy qualifying new build houses in Auckland. “While we are launching small, we and our partner will be looking to make Shared Ownership available to more first home buyers wherever they are in New Zealand after the launch next year,” says Mr Carter.
To find out more, customers can register at BNZ’s Shared Ownership page.