2022 AWARD FINALIST
Sponsored by the Ministry of Business, Innovation & Employment
Homeownership is increasingly becoming a distant dream for most Kiwis, especially Māori and Pasifika.
Westpac has partnered with Iwi, local and national government, whānau and community housing providers on innovative home ownership programmes. The aim is to change the financial system to be more inclusive of their values, cultural differences and treatment of security. The programme is called Kāinga Tohatoha Ōrite - Home Shared Equity.
Shared equity is a partnership between Westpac and a housing provider. Westpac provides whānau with access to finance, and the housing provider invests their equity and/or other acceptable security alongside the borrower’s deposit to purchase the home. The programme is led by the provider who works directly with whānau. It is a wrap around service aimed at building financial capability and literacy.
The whānau are empowered to make financial decisions that lead to quicker repayments of the equity. The idea is that everyone helps each other to build their home until everyone has one.
The model is the first of its kind and the partnership has helped 36 families secure deposits for their first homes.