June 18, 2018
Shared equity to put Ngā Pōtiki whānau into homes
Post-settlement iwi Ngā Pōtiki a Tamapāhore Trust has partnered with Westpac New Zealand to create a shared equity housing scheme for its members.
Chair Colin Reeder says Nga Potiki will contribute equity to help tribal members get loans from the bank to buy their first homes in the trust’s Manawa development at Papamoa.
Westpac chief executive David McLean says the scheme will help Ngā Pōtiki members overcome the barrier of needing a large deposit and lowers their loan servicing costs.
As the owner’s income or equity rises they can then take on a greater stake until they own the whole property.
Ngā Pōtiki has approved the first 21 families who will benefit from the scheme, with construction to commence in October.
Mr Reeder says the provision of quality affordable housing is a critical post treaty settlement strategy for Ngā Pōtiki, the benefits of which will positively impact many other areas such as health, education, employment, general wellbeing and whānau wealth.
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