The Tāmaki Rent to Buy Programme

The Tāmaki Rent to Buy Programme

How the Rent to Buy Programme works

The Rent to Buy programme is for Tāmaki whānau who earn between $48,000-85,000 and would like to buy a home, but need time to become financially ready first. If you are accepted into the programme, you will get the stability of a five year fixed term tenancy at an affordable rental rate. This will give you time to save for a deposit. At the end of the five years (if not sooner), you can buy your home through our Shared Home Ownership programme. You can use half of the increase in value of your home while you were in the programme to put towards your deposit.

Step 1.
Check you’re eligible

To qualify for the programme, your whānau must:

  • Earn between $48,000-$85,000 
  • Be prepared to get ‘mortgage ready’ in five years (in other words, you will have a deposit saved and be confident you can pay for your mortgage)
  • Have a connection to Tāmaki (for example, you live in, work in, or whakapapa to Tāmaki)

Tāmaki Housing tenants, Māori whānau and Pasifika kainga will be prioritised for the programme. 

Step 2.
Apply for the programme

If you think you’re eligible, speak to your Tenancy Manager or get in touch with the NZ Housing Foundation (NZHF). An NZHF Housing Manager will request details of your: 

  • Household income
  • Savings and any debt
  • How many bedrooms your whānau needs

Step 3.
Get set up on the programme

NZHF will let you know if you’ve been accepted into the programme. 

You will need to sign a:

  • Tenancy agreement
  • Sale and purchase agreement. This is your commitment to buy the home when you are mortgage-ready at the end of the programme. 

Step 4.
Work towards your goal

We’ll support you to get mortgage-ready. 

During the programme, you’ll work with:

  • A TRC Tenancy Manager. They will perform regular home visits and will be your point of contact for any issues with your tenancy, rent or home. 
  • An NZHF Household Manager. They will check in with you once a year for financial reviews, and help you make progress towards mortgage readiness. They may recommend you join the Pathways to Housing Independence Programme

Step 5.
Apply for a Shared Ownership Home

Once you’re mortgage-ready at the end of five years (or sooner), your Household Manager will help you apply for Shared Home Ownership. You can use half of the increase in value of your home while you were in the programme to put towards your deposit. You will initially share ownership of the home with Tāmaki Regeneration Company, and will increase your share of the home over time to eventually fully own the home.