In a nod to Auckland’s escalating housing affordability crisis, Tāmaki Regeneration (TRC), a government-backed independent housing initiative, has unveiled another round of its shared ownership programme.
OWN IT lets whānau buy a share of their home and rent the rest from TRC, making it possible to buy a home with a lower deposit and lower mortgage repayments than would be possible with a traditional home loan.
The majority of TRC homes are located in Glen Innes, Point England and Panmure.
“Whether you have a connection to Tāmaki or you want to lay down your roots here, OWN IT meets whānau exactly where they are and walks beside them through their homeownership journey,” Tāmaki Regeneration chief executive Shelley Katae says.
Auckland ranks among the world’s least affordable housing markets at 88th out of 94 markets according to the latest Demographia International Housing Affordability Report.
The average whānau requires a combined income exceeding $218,000 to afford mortgage repayments on a median-priced Auckland home.
That’s after saving nearly $200,000 for a 20% deposit.
Katae says the programme enables whānau with combined household incomes from $85,000 to realise their homeownership dream.
TRC works in partnership with a range of stakeholders including Auckland Council, iwi, community groups and businesses. Its mandate is to work in a “culturally responsive” way.
“OWN IT helps remove the hurdles associated with home buying and empowers Tāmaki residents and tangata whenua to confidently step into their place,” Katae says.
Whānau are matched with a home that meets their specific needs – from two to five-bedroom homes.
Mārena Mane, a kaiako (teacher) and journalist, shared her journey from being a single mother of two, to homeowner.
“One of the major things that has changed with being a homeowner is giving security to my family, to my boys. It’s given me huge financial literacy that I can pass on to my children. It has changed my thinking,” Mane says.
What sets OWN IT apart is its proximity to central Auckland according to social transformation and partnerships general manager Afoa Tevita Malolo.
“This proud, diverse community has a rich local business hub, green open spaces, a range of schools, and convenient transport options. It’s down by the coast, and just 12 minutes from the CBD.” Malolo says.
Malolo acknowledged the homeownership journey comes with hurdles but stresses the satisfaction that follows.
“The stability, community, and pride that comes through home ownership can sometimes feel like a distant horizon, but the OWN IT programme will help you get there. Every journey to a distant horizon begins with a single step,” Malolo says.
TRC is tasked with building 10,500 new homes in Tāmaki over the next 20 years, in a mix of public, affordable and open market housing.
This includes supporting iwi-led development projects and providing cultural heritage services.
It’s also responsible for upgrading infrastructure like roads, parks and schools within the developments and their surrounding areas.
Whānau can find out more and register for the programme at tamakiregeneration.co.nz.
