Story: Housing and government

Shared home ownership

Shared home ownership

Terence Smith, his wife Belinda and their baby son Daniel are shown outside their new four-bedroom home in Auckland's Glen Eden in 2009. The couple were among the first to benefit from the New Zealand Housing Foundation's shared ownership programme. The Smiths put up 80% of the cost of the house – a $10,000 deposit and the rest from a mortgage – and the foundation took up the remaining 20% stake until the Smiths could afford to buy it out. Effectively, it was like an interest-free second mortgage.

The New Zealand Housing Foundation was a charitable trust that aimed to make housing more affordable. It was funded by both government and private sources.

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New Zealand Herald
Reference: 160209NZHMSHOUSE.JPG
Photograph by Martin Sykes

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How to cite this page:

Ben Schrader, 'Housing and government - 21st-century developments', Te Ara - the Encyclopedia of New Zealand, (accessed 25 June 2024)

Story by Ben Schrader, published 20 Jun 2012