Key Facts:

– Kāinga Ora has ended its shared home ownership programme at the end of September, just six weeks after expanding it.
– The programme helps buyers who do not have enough deposit by paying for up to 25 percent of the purchase price of the house or $200,000, whichever is lower.
– Applicants needed to have at least a 5 percent deposit.
– The expansion of the programme to include existing houses led to a 450 percent increase in the number of applications.
– Kāinga Ora declined to be interviewed on the topic, citing the current political landscape as the reason.

Article Summary:

Kāinga Ora, the New Zealand government agency, has recently announced the closure of its shared home ownership programme. The programme, which was expanded just six weeks ago, aimed to assist buyers with insufficient deposit. Under the programme, Kāinga Ora would pay for up to 25 percent of the purchase price of the house or $200,000, whichever was lower. To be eligible, applicants were required to have at least a 5 percent deposit. The expansion of the programme to include existing houses resulted in a significant increase in applications, leading to the scheme being fully subscribed.

Kāinga Ora declined to comment on the closure of the programme, stating that the current political landscape made it inappropriate for them to discuss government policy. However, it was reported that the increase in applications following the inclusion of existing homes was a contributing factor to the closure. The programme’s closure has left many potential home buyers without an alternative solution for overcoming the challenge of saving for a deposit.

The closure of Kāinga Ora’s shared home ownership programme has prompted discussions among industry experts and potential buyers. Some have highlighted the need for alternative options and support for first-time home buyers, while others have suggested looking into other shared home ownership programmes such as the Tāmaki regeneration programme. The impact of the closure on the housing market and aspiring homeowners remains to be seen.

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