Westpac NZ And Ōwhata Kōhanga Rākau Support Rotorua Whānau Into Homes
Westpac NZ and Ōwhata Kōhanga Rākau Housing are celebrating a partnership which will see the delivery of a major new housing development on Māori land in Rotorua, with the latest milestone the unveiling of a new monument sign for the community's entrance.
The Ōwhata Kōhanga Rākau development will deliver 93 mixed tenure homes to local Rotorua whānau through social housing, affordable rentals and shared home ownership arrangements (also known as progressive home ownership). Westpac has provided funding for the project – where 36 affordable rental homes have been completed and a further 30 homes are under construction. Westpac is also providing mortgages to help whānau purchase properties through Ōwhata Kōhanga Rākau's shared ownership pathway on leased land.
Jason Rogers, Ōwhata Kōhanga Rākau Chairman, says the entrance sign's unveiling is a significant event for the iwi with whānau and kaumātua now living in the affordable homes.
'Ultimately this community will comprise 93 new, well designed warm homes on whenua Māori. Our goal has been to bring stability in housing outcomes for our people and the sign is a milestone that will strengthen that sense of connection to the whenua. This is a significant undertaking and the project will deliver much needed housing for our people and the community,' Mr Rogers says.
'Having Westpac on board as a bank partner has meant we've been able to work quickly to begin delivering the next stage of homes and we're grateful for their support. We'd also like to acknowledge the support of the Ministry for Housing and Urban Development and Armillary Private Capital, who acted as financial advisors and undertook the financial modelling for the project.'
Reuben Tucker, Westpac NZ General Manager Institutional & Business Banking, says Westpac is pleased to be able to play a role in the development.
'As a bank, we're committed to supporting more New Zealanders to find a place to call home,' Mr Tucker says. 'The range of different housing options available through the Ōwhata Kōhanga Rākau development is hugely significant, especially since it is on whenua Māori. We're excited to support the aspirations of everyone involved.'
The first stage of the development opened in December last year, when 16 whānau moved into affordable rental properties. Last month local kaumātua moved into 20 affordable rental properties that were set aside specifically for them in the heart of the new community.
The full development is scheduled for completion next year.
What is shared home ownership?
These are arrangements such as shared equity, leasehold or rent to buy in which a third party – usually a Community Housing Provider, including charitable trusts and Iwi Māori groups – contributes equity or land towards a customer's first home purchase, reducing the size of the deposit they need and the size of repayments.
In the case of shared equity, the model used at Ōwhata Kōhanga Rākau, the customer then pays the provider back their portion of equity at a manageable rate over time until they own the home outright.
A key barrier for first home buyers is saving for the traditional 20% deposit to qualify for a home loan. Shared equity and leasehold arrangements can help buyers qualify for lending with as little as 5–10% deposit and a smaller loan to service, bringing home ownership and the benefits it provides closer within reach.
At Ōwhata Kōhanga Rākau, a shared home ownership model is being used to support whānau with whakapapa (ancestral connection) to the Ōwhata and Rotorua area, helping them establish long-term security in a new home of their own.
Westpac is able to provide standard residential home loans to customers participating in shared equity or leasehold arrangements.
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