Tamaki Regeneration Company helping local families get into home ownership

More than 100 Tāmaki families have completed a financial capability and mortgage readiness programme with two thirds of those who took part now working towards home ownership.

 

 

Run by TRC, in conjunction with the Commission for Financial Capability, over the past 18 months the workshops have already rendered forty four families financially ready to take on a mortgage within the next year.

 

Another 38 families will be mortgage-ready within three years, all families involved will continue to receive financial planning support through to home ownership.

 

As part of the Tāmaki regeneration programme, TRC will deliver 7500 new social, affordable and private market homes in Tāmaki over the next 10 to 15 years.

 

People who live in Tāmaki or who have a strong connection to the area will be given priority in TRC’s affordable housing programme.

 

So far, seven Tāmaki families have bought homes with financial planning help from TRC.

 

Six of these couples bought two bedroom market affordable homes in Glen Innes and another local family purchased a full market home in Mount Wellington.

 

Of the six families who purchased affordable homes, five families bought their houses from developer Creating Communities Limited and one from Mike Greer Homes.

 

These families bought their affordable houses for $650,000, approximately two thirds of the Auckland median house price.

 

To take up this opportunity, couples can earn a combined household income of up to $150,000 before tax. If they meet the New Zealand Government’s

 

Welcome Home Loan criteria, they can put the Home Start Grant and their KiwiSaver savings towards the minimum 10 per cent deposit.

 

TRC’s strategy and operations general manager Shelley Katae says regeneration provides opportunities for more diverse housing options.

 

“TRC will deliver new houses to meet the needs of people from across the Tāmaki community,” says Shelly, “not just those in social housing or those that can afford to buy a house on the private market.”

 

“It’s about equipping Tāmaki people with the financial skills they need to get into home ownership and making sure local residents can continue to live in the area.”

 

 

About TRC:

 

Tāmaki Regeneration Company (TRC) is behind the first urban transformation project in New Zealand. Formed in 2013, it is jointly owned by the Government and Auckland Council. TRC are working in partnership with local residents and businesses, mana whenua, local and central government agencies, local service providers and the private sector to provide a platform for successful regeneration in Tāmaki.


 

 

08/06/17