{"id":954,"date":"2023-04-28T12:43:45","date_gmt":"2023-04-28T00:43:45","guid":{"rendered":"https:\/\/taylorshaw.co.nz\/?p=954"},"modified":"2023-04-28T12:43:51","modified_gmt":"2023-04-28T00:43:51","slug":"first-home-buyers-kainga-ora-first-home-partner-vs-first-home-loan-vs-first-home-grant","status":"publish","type":"post","link":"https:\/\/taylorshaw.co.nz\/first-home-buyers-kainga-ora-first-home-partner-vs-first-home-loan-vs-first-home-grant\/","title":{"rendered":"First Home Buyers – K\u0101inga Ora First Home Partner vs First Home Loan vs First Home Grant"},"content":{"rendered":"\n

You may have heard of the First Home Partner, First Home Loan and First Home Grant by K\u0101inga Ora, but what do they all mean?<\/p>\n\n\n\n

First home buyers now have several government products to consider when purchasing. Figuring out what options you are eligible for, and which is best for your situation can be confusing and stressful when you need to make quick decisions to get into a property of your own. Depending on your circumstances, you may be eligible for one or more of K\u0101inga Ora\u2019s products, which could provide you with significant assistance to get into your first home.<\/p>\n\n\n\n

K\u0101inga Ora First Home Partner<\/strong><\/p>\n\n\n\n

The latest scheme introduced by K\u0101inga Ora is the First Home Partner.<\/p>\n\n\n\n

The Partner scheme may be relevant for you if your deposit and home loan aren\u2019t enough to get you into a property that suits your needs. Particularly where you are unable to get pre-approved for enough bank lending due to difficulty servicing a big mortgage e.g. with rising interest rates.<\/p>\n\n\n\n

The Partner scheme is a co-ownership model, where K\u0101inga Ora will help you purchase a brand new home and \u201cbridge the gap\u201d in equity that you need. With you contributing a minimum 5% cash deposit, K\u0101inga Ora will contribute an agreed amount towards purchasing the home (up to a maximum of 25% of the value of the property, or $200,000) in return for an equivalent share in ownership. You then purchase this share back over time until you are the sole homeowner \u2013 noting that you must live in the property yourself for 3 years.<\/p>\n\n\n\n

As a co-owner, K\u0101inga Ora will need to approve the terms of your agreement to purchase a property and you\u2019ll need to sign a shared ownership agreement with K\u0101inga Ora to govern the co-ownership arrangement. These processes can be time consuming making it very important to apply early.<\/p>\n\n\n\n

For the purposes of your bank lending – not all banks participate in the scheme. As of the date of this article, the participating banks for the purposes of the First Home Partner scheme are Westpac, BNZ and SBS banks.<\/p>\n\n\n\n

Entering into the Partner scheme with K\u0101inga Ora is a significant legal commitment. We recommend you talk to your lawyer early in the process if you are considering your eligibility.<\/p>\n\n\n\n

K\u0101inga Ora First Home Loan<\/strong><\/p>\n\n\n\n

The First Home Loan may be relevant where you can afford to make regular repayments on a home loan but are having trouble saving for a deposit.<\/p>\n\n\n\n

Most banks will require a 20% deposit for your lending. Under the Home Loan scheme, you only need a 5% deposit and your home loan will be underwritten with your bank by K\u0101inga Ora.<\/p>\n\n\n\n

As of the date of this article, the participating banks for the purposes of the First Home Loan scheme are Westpac, Kiwibank, The Cooperative Bank and SBS and selected building societies and credit unions.<\/p>\n\n\n\n

This option may be preferable where you are able to service a larger loan and therefore can outright own the home yourself, rather than being in a shared ownership model with K\u0101inga Ora. We note that the First Home Loan and First Home Partner schemes cannot be used together.<\/p>\n\n\n\n

K\u0101inga Ora First Home Grant<\/strong><\/p>\n\n\n\n

The First Home Grant is generally the most well-known of Kainga Ora\u2019s schemes.<\/p>\n\n\n\n

Provided you have been paying into KiwiSaver for at least 3 years, and you meet the income requirements and are purchasing a property within the regional house-cap price, you may be eligible for a grant of up to $5,000 for an existing home or up to $10,000 for a newly built home.<\/p>\n\n\n\n

Importantly, you may be eligible for the First Home Grant in addition to a First Home Loan or First Home Partner. If you think you may be eligible for both, we recommend applying for each separately.<\/p>\n\n\n\n

These three schemes are all designed to help first home buyers into their own home, whether you need a loan, grant or partnership assistance. If you think you may be eligible for any of these schemes and would like to discuss which one may suit you best, our property team at Taylor Shaw are happy to help you navigate this process.<\/p>\n","protected":false},"excerpt":{"rendered":"

You may have heard of the First Home Partner, First Home Loan and First Home Grant by K\u0101inga Ora, but what do they all mean? First home buyers now have several government products to consider when purchasing. Figuring out what options you are eligible for, and which is best for your situation can be confusing […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"acf":[],"yoast_head":"\nFirst Home Buyers - K\u0101inga Ora First Home Partner vs First Home Loan vs First Home Grant - Taylor Shaw | Barristers and Solicitors in Christchurch<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taylorshaw.co.nz\/first-home-buyers-kainga-ora-first-home-partner-vs-first-home-loan-vs-first-home-grant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Home Buyers - K\u0101inga Ora First Home Partner vs First Home Loan vs First Home Grant - Taylor Shaw | Barristers and Solicitors in Christchurch\" \/>\n<meta property=\"og:description\" content=\"You may have heard of the First Home Partner, First Home Loan and First Home Grant by K\u0101inga Ora, but what do they all mean? 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