High Debt Levels Hindering Access To Most Affordable Homes

Published: Wed 17 Apr 2024 01:52 PM
Habitat for Humanity is concerned about the difficulty they’re finding to confirm families into new, affordable, two-bedroom homes in Māngere East, Auckland, largely due to rising household debt levels.
Conrad LaPointe, CEO Habitat Northern says, “Opportunities like our rent to buy home ownership model are rarely available, and the fact that many families who meet the household income criteria are unable to access our programme due to their debt levels is heart breaking.”
“There is an obvious need as we have had many applications through, but unfortunately most are struggling to make ends meet due to the high cost of living. This is making even these most affordable homes inaccessible to many families who would benefit most.”
“We do refer applicants onto a variety of organisations who can support families with debt consolidation, but we know that these vital services are under significant pressure to support the high number of families that could benefit from their support.”
The Habitat homes are available for working families or couples wanting to make homeownership a reality.
The rent to buy programme requires no deposit and ensures future homeowners pay an affordable rent, with repayments paying off the purchase price of their home. This model is for many medium income households their only chance at stepping onto the property ladder.
The purchase price of the home is set at an affordable level and all equity gained from time of occupancy is transferred to the homeowner. After a five-to-ten-year period the future homeowners will take out a mortgage with a bank and purchase the home from Habitat.
“We are providing a unique opportunity to help in the homeownership dream. If families can afford to rent a home, then they can afford to own a home through Habitat’s model. “
Habitat are encouraging all interested people to visit their website for more information and to apply:

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