Frequently asked questions Frequently asked questions

Frequently asked questions

Will TRC be my landlord?

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.

Are OWN IT homes available outside of Tāmaki (Glen Innes, Point England, Panmure)?

No, Tāmaki Regeneration is focused on building homes within the three suburbs of Tāmaki. We don't build any homes outside of Glen Innes, Point England or Panmure, and only provided Shared Home Ownership opportunities on new homes that we build.

Is Tāmaki different to Tāmaki Makaurau?

Yes, they are different. Tāmaki is an area made up of three suburbs (Glen Innes, Point England and Panmure) within Tāmaki Makaurau, Auckland. Our homes are only available within the suburbs of Tāmaki, and not in the wider Tāmaki Makaurau.

Am I eligible to buy an OWN IT home?

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:

  • Earn within the income bracket, so that home ownership is affordable for you.
  • Be a first home buyer
  • Be a NZ citizen/NZ resident
  • Want to own a home in Tāmaki.

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.

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Why does the OWN IT programme have eligibility criteria?

Our eligibility criteria ensure that the investment of your time into applying for the programme is worthwhile. 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.

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Do I have to be from the Tāmaki area to be eligible for a home?

No, 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.

Can I buy an OWN IT home by myself?

Yes. As long as you meet the eligibility critera, you can apply for an OWN IT home on your own.

If someone in our household is receiving a benefit but our household income is within the required range, can we still apply?

Yes as long as the main applicant is in full time employment.

Can I purchase an OWN IT home if I am self-employed or don't have stable income - eg: I work on commission

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.

Can I be any age and apply for the programme?

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.

Am I guaranteed a home if I apply for the 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.

What is the multi-generational pathway?

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.

What if my personal situation changes after I have applied for the programme (eg: I begin or end a relationship, have a baby, or my income/job changes?)

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.

Why am I not eligible for the programme if my household earns under $85,000 or over $150,000 (single-unit family) or over $205,000 (multi-unit family)?

Our financial eligibility levels reflect the cost of buying a home in the Tāmaki area. In order to be able get approval for a mortgage, banks need to be certain that applicants earn enough to cover the ongoing costs of a mortgage of one of our homes.

Our 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.

If you are earning over these values, talk to our team about registering for our Financial Workshops. These are a great resource to help you build your deposit more quickly and to understand the purchasing process, so that you can look to buy a home on the open market. 

How much do OWN IT homes cost?

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.

Can I use my Kiwisaver towards buying an OWN IT home?

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. 

Who pays for the lawyer and administration fees that come with the home buying process?

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.

Can I have a boarder or extra person living in my home contributing to the rent?

Every family has a different set of circumstances, our household advisors can help you understand if this is a suitable option for you.

What does 'mortgage ready' mean?

Mortgage readiness is a term that we use to refer to when you are in a financial position to apply for mortgage pre-approval from a bank through the OWN IT programme with our support.

Can I have pets in an OWN IT home?

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/

Can I decorate and renovate the home how I like?

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.

What does 'mixed-tenure' mean?

Our housing developments are mixed-tenure, which means they offer a mix of Shared Home Ownership homes, Open Market and public housing.

Do all OWN IT homes come with a carpark?

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.

Are OWN IT homes accessible for those with disabilities?

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.

Do you have to live in the home once you have purchased it, or can you rent it out?

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.

Can I choose which home I buy?

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.

If there are any repairs, is maintenance provided?

No, as home owners you are responsible to maintain your own home.

What is Shared Home Ownership and how does it work?

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.

How much deposit do I need?

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.

How much income do I need to afford an OWN IT home?

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.

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What are the benefits of buying a home through OWN IT?

OWN IT is designed to support your needs around where you are at in your home ownership journey. 

  • You’ll only pay around 70% of the purchase price which means lower mortgage repayments.
  • Splitting the purchase price with us means that you pay a smaller deposit of around 5%, compared to 20% required by banks through a traditional process.
  • You’ll get regular check-ins from our friendly Household Advisors.
  • We offer full support throughout the journey and walk beside you when navigating third parties, such as banks and lawyers.
  • We help ensure you have all the latest financial knowledge and tips by offering a free Financial Capability workshop programme.

How can I apply for an OWN IT home?

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 here

What are the Financial Workshops?

On 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.

What if I have debt or little to no savings?

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.

Do I have to be a first home buyer?

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.

What banks are TRC partnered with?

TRC has three banking partners that support shared ownership lending for Own It whānau - ASB, Westpac and SBS.

What homes are available through OWN IT?

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:

 

 

What do you mean by having a Tāmaki Connection?

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.

How long does it normally take to buy a Shared Ownership 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.

Is there an option to purchase a home with another family member or a friend?

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.

Do we have to pay interest charged on Tāmaki Regeneration’s share?

No. Tāmaki Regeneration does not charge interest.

Who is Tāmaki Regeneration?

Tāmaki Regeneration is owned by the Government and Auckland Council and works to support the regeneration of the communities of Tāmaki - Panmure, Point England and Glen Innes.

To achieve this, we’re building 10,500 new healthy homes and improving infrastructure, transport, education and employment opportunities to support the areas growth.

We’re committed to delivering quality services to our Tāmaki Housing whānau, and we’re proud to help hardworking families buy their first home through our shared home ownership programme OWN IT.

To guide our mahi, we collaborate closely with Mana Whenua, community groups, local schools and businesses to deliver our four key priorities:

  • Social (supporting Tāmaki whānau to succeed)
  • Housing (building homes and communities)
  • Economic (helping to build the local economy)
  • Placemaking (supporting local cultural identity and sense of belonging)

Can I sell my home if my situation changes?

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.