Rent to Own

Our Rent to Own programme is an ideal starting point if you aren’t quite ready for shared ownership. This means you and your family can live in the home while you’re saving up the deposit to buy it.

Here's how it works

1. Check the list below to ensure that you meet all the essential criteria.
2. Don’t worry if you have debt and/or not enough deposit – that may still be okay.
3. Browse our Homes to buy section to find the location that suits you.
4. Register for Shared Ownership
5. If your debt and/or deposit levels mean you’re not quite ready for Shared Ownership, we’ll let you know if Rent to Own is a more suitable option for you.
6. After renting your home for five years, you can switch to our Shared Ownership programme, and work towards owning the home completely.

Do you qualify?

To be eligible for our Rent to Own programme, you’ll need to:

• Be a New Zealand Citizen or Permanent Resident
• Be a first-time home buyer
• Have at least one member of the household in full time employment
• Have a household income that meets the requirements of the location you’re interested in (usually between $65,000 and $95,000 per year, before tax)
• Have manageable debt that can be paid off within 5 years

You may have the opportunity to complete a home ownership education programme before you move into your new home.

How does the rental arrangement work?

Under the Rent to Own programme, you will have a 5-year Tenancy Agreement. At the end of the 5-year agreement, you will have the option of purchasing your home. Your rent will be based on 30% of your gross income and never more than market rent.

When can I buy the house?

At the end of the 5-year fixed term rental period, you’ll have the right to purchase the home – either buying it outright, or through our Shared Ownership programme.

If the property has increased in value during the 5 years you’ve been renting, you will get 25% of the increase to put towards your deposit. For example:

Value of property at beginning of 5-year rental period $650,000 Value of property at end of 5-year rental period $850,000 Increase in value $200,000 25% of the increase in value $50,000 towards your deposit

For more information about buying your home, check out our Shared Ownership page.