April 05, 2022
Māori home loan scheme revamped
Kiwibank has upgraded its Kāinga Whenua loan scheme after a review into whether it was fit for the purpose for helping Māori into home ownership.
Head Māori advisor Te Ahooterangi Pihama says the bank has been operating the scheme for more than a decade in partnership with Kāinga Ora, with the bank providing the pūtea and the crown’s housing agency providing security.
In the past loans have only been made when someone has a licence to occupy whenua Māori from the Māori land Court, which can be difficult to get.
“One of the many improvements we have made to the scheme is we are now accepting leases so where someone has a portion of the whenua put on to perpetual lease, somewhere between 50 and 99 years, to either whānau, an individual or a wider collective, to enable more of our whānau to build on their whenua,” Mr Pihama says.
Te Ahooterangi Pihama says the bank is now allowing loans on smaller dwellings, dropping the minimum from 70 to 50 square metres, and there is no deposit for smaller loans. A minimum deposit of 15% is required for the portion of the loan over $200K.
Click on their website for more information: Kāinga Whenua :: Kāinga Ora – Homes and Communities (kaingaora.govt.nz)