Tie-up will see launch of new shared ownership loan scheme for first-time home buyers
Leading financial institution BNZ has announced it has entered into a partnership with YouOwn, a privately funded organisation established with the sole purpose of delivering a co-ownership product to New Zealanders.
In December last year, BNZ announced it will be offering a new shared-ownership loan scheme. The idea is that BNZ’s commercial shared ownership model will pair up potential home owners with a “trusted industry partner.” Now, the lender has revealed the partner is YouOwn.
“We’ve been working to create a unique option for new home owners,” BNZ chief executive officer Paul Carter said. “YouOwn’s Nigel Spratt already has experience offering shared-ownership options through his previous work with the New Zealand Housing Foundation. He understands intimately how shared-ownership works.”
YouOwn executive director Spratt noted the shared-ownership loan offering has been carefully thought out and meticulously prepared. YouOwn and BNZ said they will contact people who registered to the scheme, as they prepare to launch their Auckland pilot programme within a few weeks.
“Shared-ownership is new to many New Zealanders, so we’ll be taking the time to make sure everyone understands how it works,” Spratt added. “After we launch, we’ll be looking to expand the Auckland pilot programme to other areas and other types of properties beyond new-builds.”
