No, you will be the owner of your own home, so you will be your own landlord! TRC will instead be your financial partner, supporting you over time until you successfully buy us out of the portion of your home that we initially purchased with you.
No, Tāmaki Regeneration is focused on building homes within the three suburbs of the Tāmaki area in Auckland - Glen Innes, Point England and Panmure. We don't build any homes outside of this area, and only provide Shared Home Ownership opportunities on new homes that we build.
Eligibility for the OWN IT programme depends on a range of criteria, and recognises that everyones circumstances are unique. To be eligible for the programme you need to:
To determine whether the OWN IT programme might be right for you, the first step is to register your interest in the programme here.
Everyone's circumstances are different, so our friendly team will ultimately work with you to determine if the programme is right for you.
Our financial eligibility levels reflect the cost of buying a home in the Tāmaki area. Buying a home is a big milestone, and to be granted a mortgage banks require certain assurances, for example that a family has a certain level of steady income. We build our eligibility criteria around these requirements to make sure that we're promoting our home ownership opportunities to those who are best suited to the programme.
Our upper income limits are in place to ensure we can provide support to those who are less likely to be able to buy a home on the open market.
Read moreNo, you don't have to be from Tāmaki to be eligible for an OWN IT home. However, it is important to us to offer the opportunity for those who do have a connection or whakapapa to Tāmaki the first opportunity to buy a home here.
Yes. As long as you meet the eligibility critera, you can apply for an OWN IT home on your own.
Yes as long as the main applicant is in full time employment.
If full time, self employed, banks may require 2 years of finanical statements to assess your earning. But even if you are just starting out in your business it is best to register today and we can guide you through these requirements.
Yes, there are no age requirements for the OWN IT programme. However, age is a factor that is assessed by banks when applying for a mortgage. The older an applicant is, the less working years available until retirement, meaning a shorter timeframe available to pay back a mortgage. This can mean much higher monthly payments to compensate, can price older applicants out of mortgage approval. This means that even though you might meet the eligibility criteria of the OWN IT programme, banks might not be willing to provide you with a large enough mortgage to purchase a home through our programme.
No, there is never a strict guarantee that you will be offered a home. If your application is successful and you have sufficent deposit and earnings to secure a mortgage for your portion of the home (around 70%), you will be added to our shortlist along with other applicants in a similar position. Applicants that have a strong connection to the Tāmaki area, those who applied first and those who are the most financially viable, and those who best meet hte needs of the available home will be prioritised first in being offered a home.
The multi-generational pathway is designed to create more flexibility in how you might want to purchase your home. Not everyone wants to purchase with a partner. Many may prefer to buy with a parent, grandparent, cousin, sibling, or a mix of others. To be eligible for the multi-generational pathway, households must be either made up for multiple family units or be a larger whānau with 6+ members.
This pathway has a different income cap for the OWN IT programme, and households must earn a combined income of between $85,000 - $205,000 per year.
We know that life happens and circumstances can change. If you have applied for the OWN IT programme but no longer wish to purchase an OWN IT home, you can withdraw your application at any time. Otherwise, we will work with you to understand how we can continue to support you if you do wish to continue with the scheme. In some instances, it may require that you re-apply for the programme with new information.
The cost of our homes varies depending on a range of different factors, including the size and location of the home. We use independent registered valuations to ensure we are offering our homes at a fair market value.
Yes, using your Kiwisaver towards buying an OWN IT home is a great way to boost the money you have available to put toward your deposit.
Whānau cover the cost of the fees that come from purchasing a home. Usually, we find that this comes to around $5,000. Kiwisaver is able to be used to cover these costs, and these costs don't need to be paid until the time of settlement.
Every family has a different set of circumstances, our household advisors can help you understand if this is a suitable option for you.
Yes, one of the great things about home ownership is that you don’t need to ask a landlord’s permission to have a pet. Most of our homes are attached to neighbours and have compact outdoor areas. This means the homes may not be suitable for all pets. We ask all our whānau to follow Auckland Council’s responsible pet ownership guidelines.
https://www.aucklandcouncil.govt.nz/dogs-animals/guide-for-dog-owners/Pages/choose-right-dog.aspx
https://www.tiakitamakimakaurau.nz/protect-and-restore-our-environment/responsible-pet-ownership/
Yes, just like any home that you were to purchase on the open market, the home is yours and you can make changes to it however you wish as long as it meets the standard Auckland Council consent processes. You will need to inform us of any changes. We would encourage you to buy out our shares/portion before taking on any significant works.
Our housing developments are mixed-tenure, which means they offer a mix of Shared Home Ownership homes, Open Market and public housing.
Yes, all our homes come with at least one allocated car park, most of our homes with 4 or more bedrooms have a minimum of 2 car parks.
Most of our Own It homes do not meet high-need accessibility requirements. Our homes are typically multi-level homes with bedrooms up stairs and can have non-level access to entry. If you have specific requirements our OWN IT team would be happy to have a chat with you as to whether we may be able to help.
Yes, our homes are for first home buyers who wish to occupy the home themselves. Once you own 100% of your home, you can choose to rent it out.
The OWN IT team who will have been working close with you will work to allocate you a home based on household size, funding requirements and what you can afford.
No, as home owners you are responsible to maintain your own home.
Shared Home Ownership is a more affordable way to purchase a home for you and your whānau.
Through Tāmaki Regeneration’s Shared Home Ownership Programme OWN IT, we cover up to 30% of your home’s total value which means you pay less upfront with a lower deposit and lower mortgage repayment rates.
For example, for an $800,000 home:
On the open market: You may require a 20% deposit, which is $160,000. Your mortgage would be $640,000, making your weekly repayments $885 on 30 yr term interest rate of 6%.
Through the OWN IT programme, you buy 70% of the home and we require a 5% deposit, which is $40,000. Your mortgage would be $520,000, making your weekly repayments $720 on 30 yr term interest rate of 6%. TRC own remaining 30% of your home and over time you buy back our 30% share off us, until the home is 100% yours! We give you up to 20 years to complete this process.
Our friendly team will guide you through the process to provide all the knowledge and support on your journey towards full home ownership.
Most banks ask for at least 20% deposit, but through our OWN IT programme you’ll only need around 5% deposit to secure a home.
Because we are sharing the purchase price with you, your contribution will be much lower and can be made up of your savings, KiwiSaver or any gifted funds (koha).
We encourage you to check your KiwiSaver balance then reach out to us to talk about your options.
To qualify for the OWN IT programme, you will need a combined household income of $85,000 - $150,000 per year (before tax) to ensure mortgage payments are kept affordable for you.
For larger whānau living together who have a combined household income of up to $205,000 per year (before tax) we have a multi-generational option to buy a home. This can be across whānau of 6 or more members, or 2 or more family units. 2 or more family units might look like: siblings, cousins, parents/children, grandparents/grandchildren, etc pooling their incomes and buying together.
OWN IT is designed to support your needs around where you are at in your home ownership journey.
The first step is to register your interest online here, to understand if you are eligible. This can be done on our website here: https://tamakiregeneration.co.nz/regen/ownit/own-it-form
See more hereOn your homeownership journey with us, we’ll support you to attend our free, online Financial Capability Workshops to help you build strong money habits and get mortgage-ready.
Through these workshops, you’ll build your financial know-how with support to:
Understand shared homeownership and the different pathways to owning your own home.
Look at your spending and what banks look for when you apply for a mortgage.
Learn how saving and investing early can help you grow your money.
Make a plan to be debt-free and set goals for your financial future.
It’s normal for whānau to start their OWN IT journey with debt or little to no savings. Our financial literacy workshop will help build your confidence around money management and help you get on top of your finances.
Yes. You won’t be eligible if you currently own/part-own any property or have any funds from the sale of a previous property. You can apply for consideration under our “second chance” eligibility. For this option, please contact one of our team for more information at ownit@tamakiregeneration.co.nz.
TRC has three banking partners that support shared ownership lending for Own It whānau - ASB, Westpac and SBS.
We are delivering a number of housing types - duplexes, terraces and apartments. These houses will be made up of 2-5 bedrooms and you can view the location of these homes here.
We also have a new show home you can visit to see what an OWN IT home could look like for you and your whānau. One of our friendly team members will be there to talk to you about the programme and answer any questions you may have.
Viewings are by appointment, so send an email to ownit@tamakiregeneration.co.nz today to book a viewing with our team.
Some examples of our homes are below:
Having a Tāmaki connection can mean that you currently live, work, or spend time in the Tāmaki area. It may mean that you whakapapa to the area, that you grew up here, that your family is from here, or went to school here. The OWN IT programme is keen to support those who have a connection to Tāmaki already to make the area their home.
The experience of every applicant is different. The length of time depends on an applicants financial readiness, as well as the availability of a suitable home being completed.
We have had whanau move into their new whare within just 2 months. We have also had the privilege of working with whanau up to 5 years, journeying with them step by step, ticking off milestones until we have been able to celebrate the day they have got their keys.
On average, OWN IT home buyers take approximately 10 years to fully buy back 100% of the house shares from us and most whānau do this buy topping up their mortgage. Buyers have up to a maximum of 20 years to buy the remaining shares/portion of their home off TRC.
Each year our OWN IT team will meet with you to review any changes to your earnings and savings, and they’ll be able to help you apply for top-ups if it is an option.
Yes, absolutely. The OWN IT programme offers multiple pathways to home ownership, this includes looking at options that include you being able to buy with family members or friends.
No. Tāmaki Regeneration does not charge interest.
Yes. As long as you offer Tāmaki Regeneration the first chance to purchase your shares from you as we may have a family ready to offer the home to. If Tāmaki Regeneration declines the offer, you may sell your home on the open market.
