Kainga Ora partners with leading banks for new shared ownership scheme for first home buyers
With the support of two leading banks, Kāinga Ora has announced a new path to homeownership in New Zealand via a shared ownership scheme.
As the country’s house prices continue to skyrocket, and homeownership for many is pushed further out of reach, the new shared ownership scheme has been designed to help lower income families into homes where they cannot save a deposit.
Under the new First Home Partner product scheme, Kāinga Ora will take an ownership share of the homes it helps families buy, and over time the new households would buy shares back to become homeowners.
Leading law firm, MinterEllisonRuddWatts advised long-standing client Kāinga Ora on the scheme.
The law firm’s team was led by Banking and Finance Partner Chris O’Brien with the core team including Partner Holly Hill, Senior Associate Simon Akozu, senior solicitors Jack McCaw and Judy Chu, and Solicitor Hannah McCay.
Partner Chris O’Brien said: “This is a fantastic partnership between Government and private business, designed to help improve the lives of everyday New Zealanders. The scheme is a transformational initiative that supports stronger communities and addresses the country’s housing issues.
“As a firm, MinterEllisonRuddWatts, is passionate about helping shape New Zealand’s future and having a positive impact on our communities, so we were delighted to see this scheme come to fruition.”
The legal team advised on many aspects of the scheme from designing the transaction structure, developing strategies and eligibility criteria, preparing key documentation, consulting with numerous stakeholders, and advising on tax, regulatory and practical considerations.