As house prices have increased, many individuals and whānau who would have once bought a home have been priced out of home ownership. Progressive home ownership is one way to help them into their own homes.
Applicants must: be legally able to buy a home in New Zealand (or be married to, or in a civil union or de facto partnership with someone who is legally able to buy a home in New Zealand) have a household income before tax of no more than $150,000 (except for multi-generational households (a household that normally lives together and is made up of either three or more generations (e.g., grandchildren, parents and grandparents living together) or two generations with multiple related family units (or cousins living together with their families) or Larger Whānau of 6 or more who normally live together) be a first homebuyer or a second chancer (someone who has owned a home before but is back in the same financial situation as a first-time buyer e.g. due to a divorce). Applicants must also commit to living in the house as their main place of residence for at least three years i.e. they’re not buying it as an investment property. As well as this general eligibility criteria, PHO providers can also apply their own criteria.