Ōwhata Kōhanga Rākau Empowers Whānau with New Pathways to Home Ownership
Rotorua, 18 July: Ōwhata Kōhanga Rākau proudly announces the launch of a pioneering initiative aimed at paving the way for whānau to achieve home ownership in Rotorua and Te Puke.
Committed to providing an array of housing solutions, this new offering will support whānau into home ownership through its approval as a Progressive Home Ownership provider, a scheme introduced by Te Tūāpapa Kura Kāinga - Ministry of Housing and Urban Development. Ōwhata Kōhanga Rākau is now positioned to advance its objective of supporting whānau to become homeowners.
Ōwhata Kōhanga Rākau is developing 27 homes in Rotorua (Ōwhata) and 10 homes in the Te Mania development in Te Puke, and is on a mission to cultivate a community that is secure, supportive and helps to enhance the well-being of the whānau it serves.
Jason Rogers, Chair of Ōwhata Kōhanga Rākau, is pleased with this achievement and emphasised the impact that the new homes will have on whānau.
“This home ownership initiative is about community living – building a strong, safe, and vibrant place for everyone to be a part of. The impact of this new initiative on whānau will be significant, as we walk side by side with our people, enabling them to achieve their home ownership aspirations,” Jason said.
The Ōwhata Kōhanga Rākau initiative allows individuals to purchase any of the 27 homes on long term leases with rights of renewal, while ensuring that the land remains under the kaitiakitanga of Ōwhata Kōhanga Rākau. The 10 homes in the Te Mania, Te Puke community are on freehold titled land. This is a testament to Ōwhata Kōhanga Rākau’s commitment to safeguarding cultural heritage while providing modern, comfortable living spaces for future generations.
In its newfound role, Ōwhata Kōhanga Rākau will offer a shared ownership model with whānau, which will significantly reduce their mortgage with the bank and improve affordability for families with lower mortgage payements.
As an example, under this shared ownership model, Ōwhata Kōhanga Rākau will contribute up to 25% of the home purchase price with whānau contributing the remainder of the 75% of the house price through a mortgage and deposit. Additionally, Ōwhata Kōhanga Rākau will support these whānau throughout the mortgage application process, by their side every step of the way.
This shared ownership model will enable whānau to save and work towards owning the full 100% of their home value by progressively buying the home.
“People are hesitant to purchase housing due to economic fears or difficulties accessing loans. This progressive home ownership initiative provides a pathway to home ownership and a brighter future for our whānau.
“This will be transformational for our people,” Jason added.
The scheme has been made possible by Te Tūāpapa Kura Kāinga - Ministry for Housing and Urban Development which has been fundamental in enabling Ōwhata Kōhanga Rākau to extend these unique home ownership opportunities to whānau, especially those who might have thought such a dream was out of reach.
ENDS
