This is through a joint initiative with the government
The Westpac NZ Government Innovation Fund, a joint initiative funded by Westpac NZ and mutually governed by Westpac NZ and the New Zealand government, has granted funding to three housing initiatives that support New Zealanders buying affordable, quality housing.
The initiatives were selected as part of its most recent funding intake, “Bringing quality homes within reach of more New Zealanders,” which aimed to enable systemic change in the housing sector.
More than $900,000 will be awarded to the following initiatives:
- Our Whare Our Fale, which designs affordable homes for Pasifika families
- Ka Ururoa, an iwi-led initiative helping Māori achieve homeownership
- Equotee, a software programme that helps people manage home co-ownership
“The three housing initiatives offer unique and targeted solutions that recognise people’s diverse needs when it comes to housing and will help get people into homes at a time when many people are struggling in today’s tight housing market,” said Simon Rogerson, Westpac NZ Government Innovation Fund director.
The partnerships will not only help people into homes, they also focus on the needs of the communities they serve, Rogerson said.
Our Whare Our Fale brings a village concept to a new housing development, enabling residents in the Pasifika community to engage with their family and community.
“We’re funding the critical research and design stage of the Our Whare Our Fale programme, that will bring community cohesion and wellbeing through the delivery of up to 300 affordable homes for the Pasifika community in Eastern Porirua in conjunction with Ngāti Toa and create a design that can be used across Aotearoa,” Rogerson said.
Ka Uruora is an innovative iwi-led engagement initiative that combines education, services, support, and pathways to help tangata whenua achieve homeownership.
“Ka Ururoa supports tangata whenua throughout the whole homeownership journey, starting with financial education, followed by an iwi-assisted savings scheme that will help Māori into discounted rentals, shared homeownership or full homeownership,” Rogerson said. “WGIF funding will support the scaling of this invaluable mahi to more communities across New Zealand.”
Equotee’s software, meanwhile, aims to help co-owners, papakāinga, equity-partners, or guarantors, manage home co-ownership with built-in legal agreements and tracking. It will also allow owners to use their equity for home improvements, which will improve the quality of housing stock in New Zealand over time.
Read next: What different property ownership types mean for New Zealand home buyers
“We are delighted to fund these three projects which will improve lives by helping people into better quality, fit-for-purpose housing,” Rogerson said.
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