Shared Ownership for Wanaka area helps People into Homes
Monday, September 8th, 2008Financing a home in the Wanaka area has always been a problem. Real estate prices are high and rental accommodation is in short supply. Now people can take out a shared ownership with the Queenstown Lakes Community Housing Trust.Basically there is criteria that you have to fall within.
- First house (at least in this area)
- Total income from you and your partner under $89,320 pa
- Living in area 6 months
- One member of household must be in permanent employment in area
- One member of household must be NZ citizen
- House must be for a primary residence (not holiday)
The house has to be reasonable and not requiring major repairs. (insulation is important to them)
The housing trust will take a share in 5% increments from 15% to 40% and at any time you can buy back a share in the same increment.
The primary owner pays all ongoing costs, when / if they sell the trust takes their portion of ownership from the sale price.
Vendor must have 5% deposit.
Basically you get approval from the Housing Trust then find your house, or visa versa. Great scheme! So search our listings at Wanaka and surrounds homes.We would be delighted to help you find a home and through this finance process. It makes living in this area achievable.
Inserted by Phil and Barbara Wilson for Wanaka Real Estate Sales