Shared Ownership Media Release
A desire to see more New Zealanders share happy and secure futures with their families has inspired a new partnership to offer shared-ownership to New Zealand home buyers.
YouOwn, a privately-funded company partnering with New Zealanders who are buying their first home is teaming up with BNZ to pilot a shared ownership option to home buyers.
“Shared-ownership will be a game changer for some Kiwi families. Prospective buyers with a deposit of just 5% may now be able to purchase a home where before it was a struggle.” says Nigel Spratt, Executive Director of YouOwn Housing Limited.
“For many families who are renting, home ownership is often out of reach. That’s why we started YouOwn twelve months ago – the country’s first privately-funded organisation established to offer a shared-ownership product – designed to give some home buyers that first leg up on the property ladder.
“It is effective, it gives people another option and, most importantly, it enables Kiwis to realise the dream of owning their home. They can do this through a shared-ownership model with a third party who is aligned with the buyer.” said Mr Spratt.
Similar shared-ownership models have been operating in Ireland and United Kingdom for over 30 years and have assisted thousands of people into homes.
“YouOwn has purchased houses with a number of families in the last twelve months, and the partnership with Bank of New Zealand will extend the number of New Zealanders the company can help,” said Mr Spratt.
The people behind YouOwn, have more than 20 years’ experience in housing and structured finance in New Zealand and Australia.
It is innovative thinking and will now be available in partnership with Bank of New Zealand.
“It’s about giving viable options to a different sector in the market. YouOwn will enable some Kiwis to realise their dreams and buy a home earlier than they may have thought possible,” said Mr Spratt.