Housing New Zealand and Kiwibank are working together to help Maori achieve home ownership on their multiple-owned ancestral land with the introduction of a new loan called Kainga Whenua.
If you have a right to live on multiple-owned Maori land (hold a license to occupy), a Kainga Whenua loan enables you to build, purchase or relocate a house on that land.
Kiwibank will approve and provide the loan, you will need to meet their standard lending criter1a as well as Kainga Whenua criteria. Housing New Zealand will provide lenders mortgage insurance to Kiwibank for the loan.
A Kainga Whenua loan is secured only against the house, not against the house and land as is the case with most home loans.
With a Kainga Whenua loan, Kiwibank can lend 100% of the house building costs or the purchase price of the house, upto $200,000.00 subject to conditions.
The conditions include obtaining a license to occupy the land, a valuation from a registered valuer and a satisfactory building contract. No deposit is required for a loan below $200,000.00.
Kainga Whenua loans are only available to those people who have no other access to finance to build or re-locate to or buy on their multiple-owned Maori land.
For further information about this loan please contact Housing New Zealand, Kiwibank or us for further information.
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