Sustainable stories.

Innovative home ownership model for whānau.

Relationship with iwi leads to innovative papakāinga shared equity model for whānau.

A life-changing housing development initiated on iwi-owned land in the Waikato is breaking new ground and opening up home ownership for 11 whānau.

It’s a contemporary response to papakāinga, established through a shared-equity model that has been accomplished through Westpac’s relationship with iwi Ngāti Koroki Kahukura.

Traditionally a shared-equity model is premised off two parties in co-ownership, but in this instance, it has been reimagined as families taking full financial ownership of their mortgages with iwi gaining a lifetime of interest.

“The iwi came to us with a proposal to build family homes on this block of land under a papakāinga scheme,” said Fonteyn Moses-Te Kani, Head of Māori Diversity and Inclusion at Westpac.

“We worked with them to come up with a shared-equity scheme which met the aspirations of the iwi, whānau and met our requirements.”

“Westpac is committed to supporting new and innovative ways for families to access affordable home ownership for financial independence,” Westpac’s Head of Specialists in Commercial Corporate Banking, Steve Atkinson said.

“Shared-equity schemes can reduce the need for a large deposit and break down those barriers to ownership,” he said.

The project is based on a sustainable model, both economically and environmentally, and is the first of its kind in the region.

Building commences in January 2020 with G.J. Gardner Homes.

Image above: Iwi Ngati Koroki Kahukura

United Nations Sustainable Development Goals.

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