Housing Foundation is a housing trust providing shared ownership opportunities, supporting first home buyers into affordable homes who may otherwise be locked out of the market.
This content was prepared by Housing Foundation and is being published by The New Zealand Herald as Advertorial.
For some Bay of Plenty households, being able to afford the mortgage isn’t the biggest barrier to buying a home. It’s finding enough money for the deposit in the first place.
That’s where an alternative approach to home ownership is helping working households, with Housing Foundation offering shared ownership in affordable homes at its Waipapa Green development in Ōmokoroa.
Housing Foundation is a housing trust that works with first-home buyers who can sustain a modest mortgage but may not have enough for a conventional deposit. Housing Foundation develops the land and builds the homes, then sells a share of the property to eligible buyers, who can purchase the remaining share over time, typically over seven to 10 years.
First home-owner Leigh Speedy moved into her three-bedroom, two-bathroom home in October last year and describes Housing Foundation as a “silent business partner”.
“They’re there in the background, to support you through your journey,” she says.
Housing Foundation’s support begins at registration of interest and continues through to full ownership, with guidance to build mortgage readiness and navigate each step along the way. Natalie Bright is a household support manager, working directly with homeowners including Leigh to help them understand the process, plan ahead and make informed decisions.
“I’ve had the privilege of walking alongside people from that initial contact right through to when they buy us out of the home completely. While we support them and endeavour to set them up for success, they must do the mahi to make the most of the programme.
“We have a vested interest in seeing our shared owners achieve that goal, because when they reach 100% ownership, we can keep doing what we do for other families and help more people achieve home ownership.”
For Leigh, discovering shared ownership showed her there was another way to get onto the property ladder.
“One thing I wish I knew sooner was that home ownership didn’t have to look like the ‘traditional’ path I had in my head,” she says.
“Before I found Housing Foundation, I spent years thinking I needed this massive, impossible deposit before I could even begin. I didn’t realise there were pathways that could bridge that gap and make it achievable sooner.”
Bright says there is still work to do in helping people understand who Housing Foundation is, what it does and whether shared ownership could be an option for them.
“There’s no trick to it and there’s no hidden agenda. We’re partnering with people who are ready for home ownership, but who may never have thought they could get there because they didn’t have that big deposit.”
Leigh’s message to anyone who thinks buying a home is out of reach is to take the first step.
“Don’t count yourself out before you’ve even asked the questions. You can go on the website and check the criteria, have a chat with one of the lovely Housing Foundation team, and just see.”
Housing Foundation currently has homes available in Ōmokoroa and Auckland, including two-, three- and four-bedroom shared-ownership options. Find out more here.