Shared Home Ownership with Ōwhata Kōhanga Rākau
At Ōwhata Kōhanga Rākau, our kaupapa (mission) is to support whānau on the journey from renting to owning a home. Being an approved Progressive Home Ownership (PHO) provider means that together we can help you achieve your home ownership goals.
We are with you from the beginning, offering a step-by-step process that makes buying a home easier and more affordable. With the Progressive Home Ownership scheme you can live in your whare while you purchase it gradually, making ownership a reality for more families.
How Progressive Home Ownership Works
Initial Eligibility Assessment:
PHO Qualification & Coaching:
Purchasing Your Initial Share:
Living in Your Home & Managing Payments:
You pay your mortgage directly to the bank as usual. We offer continued support, including financial check-ins, to help you plan for the future.
Buying Out the Remaining Share:
Once all shares are purchased, you gain complete ownership of your whare. For most whanau, this takes between 7-10 years.
Security & Stability:
Want to know more?
Interested in learning more about how the PHO scheme can help you own your own whare?
Reach out to the Ōwhata Kōhanga Rākau team today to explore available properties in our development and get started on your home ownership journey.
Frequently Asked Questions
What types of homes are available in the ŌKR Housing project?
The development offers affordable rentals for Kaumatua, homes to purchase (either outright or under a progressive home ownership scheme), affordable rentals for whānau, and social rentals.
Who is eligible for housing in the ŌKR Housing project?
Priority is given to owners in Ōwhata 2B and 7 Ahuwhenua Trust, those who whakapapa to Ngāti Te Roro o Te Rangi, and those with a relationship to the whenua at Ōwhata. If surplus housing is available, registered members of other iwi that whakapapa to Te Arawa and/or other Maori in Rotorua and the general public may be considered.
What is a Shared Ownership scheme?
Under the scheme, OKR Housing LP owns 25% of your home, and you own 75%. Over time, you can buy shares in your home until you own it outright, typically over 7-10 years.
What are the criteria for the Shared Ownership scheme?
You must have a household income of no more than $150,000 ($187,000 for multi-generation households), a deposit of at least $10,000, and be a first homebuyer or second chancer. The home must be your main residence. The primary applicant must be in full-time paid employment or be self-employed.
Why is there a 52-year lease on the sections?
Due to the Ture Whenua Act, freehold land cannot be sold but can be leased for up to 52 years. This structure also provides affordability and ensures leadership in Iwi/Māori housing while respecting Tikanga values.
How does the 52-year lease work?
The lease requires a single upfront payment, no rent reviews, and if the property is sold, whānau receive 50% of the sale profit or the leasehold value, whichever is higher. At the end of 52 years, options include paying a base rent or buying a new lease.
What happens if I want to sell my home before the lease ends?
If sold, whānau will receive either 50% of the sale profit or the leasehold value, whichever is higher. If the Trust does not issue a new lease, they must buy the property at fair market value minus the whānau’s share.
Can I use KiwiSaver for the deposit?
Yes, you can use KiwiSaver as part of the $10,000 minimum deposit required for the Shared Ownership scheme.
What support is available for first-time homebuyers?
OKR Housing LP provides ongoing support, including helping you find a mortgage provider that supports the Shared Ownership scheme.
Is the housing project open to the general public?
Yes, in exceptional circumstances where surplus housing is available, it may be offered to the general public.
Can I purchase the land along with the house?
No, the land is leased for 52 years, in line with the Ture Whenua Act, to ensure affordability and sustainability.
What are the obligations under the 52-year lease?
Obligations include maintaining the property and meeting specific requirements as outlined in the lease agreement.
How does Progressive Home Ownership differ from traditional home buying?
Progressive Home Ownership allows you to gradually buy shares in your home, making it easier to enter the housing market compared to traditional outright purchases.