Tamaki Makaurau MP Peeni Henare says the Kiwibuild reset is a chance to look at the ways whānau can get into home ownership rather than just address supply.

The reset includes dropping the deposit for government-backed first home loans to 5 percent and putting $400 million of the Kiwibuild budget into progressive home ownership schemes such as shared equity or rent to buy, as well as allowing multiple buyers to combine grants for a first home.

Mr Henare says the previous model was mainly focused on increasing housing supply in the hope of bringing down the market price.

"While we want to continue to build homes, there are lots of homes out there in the market. High rents don't make things easier but if there is an opportunity for a whānau in Tāmaki Makaurau to rent a home for $500 to $600 under a scheme that allows them to push towards owning it, I think that is a scheme that many whānau would consider," he says.

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