Buying a brand new home: What to expect with Kainga Ora First Home Partner
SM Property

April 26, 2023

Buying a brand new home is an exciting and rewarding experience, especially with the support of Kainga Ora First Home Partner (KOFHP). This government scheme offers buyers the opportunity to purchase a newly built/off-the-plan or existing property with the help of a government-backed loan.

Eligibility Criteria for a New Build/Off-the-Plan Home

To be eligible for the KO First Home Partner program when buying a new build or off-the-plan home, there’s a few conditions that need to be met. The property must have received a Code Compliance Certificate within the previous 12 months. You must also commit to living in the home as your primary residence for at least three years from your settlement date.

Benefits of Buying a Brand New Home

Buying a brand new home has a lot of benefits. We’ve written a blog about why townhouses are so popular with Kiwi buyers – you can read it here. The affordability and low maintenance are very important factors that make new build townhouses such a great option for many. You also have the reassurance of knowing everything is brand new and in top condition. Plus, with the KOFHP, you may be eligible for financial assistance to help you buy.

Navigating the Buying Process

When buying a home through the KOFHP program, you’ll need to get a pre-approval. You’ll need to do this through a bank that participates in KOFHP – see the participating banks here. You’ll also need to provide certain documents, e.g. proof of income, and work with KO to ensure that the property meets their requirements.

The KOFHP program is a great way to help you into your first home, especially if you feel stuck with financing. it’s good to work with an agent that specialises In new builds, and someone that understands the KOFHP and can help guide you through the process. The SM Property team have helped several Kiwis into their first home by using KOFHP. We’re here to help you, so contact us today to start your home buying journey

We cater to your needs

See our tailored processes designed your needs. Select below.

First Home Buyers Guide

Thinking of buying your first home or just looking to understand the process?

Investors Guide

Wondering how to complete due diligence on a new property?