If you’ve been following our blogs and socials for a while now, you would know that we’ve talked a lot about the Kainga Ora First Home Partner Scheme, and how much it has helped our first home buyers in the new build space.
On the 29th September 2023, Kainga Ora made an important update about the status of this government scheme, stating “this scheme is now fully subscribed and therefore we will not be accepting any new applications while we work through our commitments to those already in the scheme.” So, what does this mean for our buyers going forward, and those who have already started their KOFHP journey?
Kainga Ora’s September 2023 Update
On the 29th of September 2023, the KO website posted an important update. “First Home Partner is a shared ownership scheme that has helped hundreds of aspiring first-home buyers purchase a home since October 2021.
“Due to recent unprecedented demand, this scheme is now fully subscribed and therefore we will not be accepting any new applications while we work through our commitments to those already in the scheme. We will shortly be contacting current applicants to confirm the status of their application.”
Already Submitted Your Application?
If you’ve already gone through the process of submitting your application, sit tight. KOFHP have stated that they will be contacting their current applicants to confirm the status of their applications. This means you’ll be contacted shortly to confirm whether you’ll be able to proceed with the shared ownership scheme.
Already Approved for KOFHP?
If you’ve already received your approval on your application, we recommend you try to use it, as soon as possible. We have been finding with our buyers that it seems to be on a “First in, first served basis”. This means the quicker you put an offer down on a property, the more likely you will be able to use your approval. Of course, there is no risk entering into a contract as long as you have a condition specific to KOFHP. This is something we recommend talking to your solicitor about. This way, if KO cannot proceed with the deal, you can cancel the contract due to performance. This means there will be no penalties incurred for you.
Currently Under Contract/Unconditional with KOFHP?
If you currently have a property under offer or unconditional with Kainga Ora, don’t worry. KOFHP are not accepting new applications, but since you are already in a contractual agreement, this won’t affect you. This update is more for people who have not applied, or are currently in the process of their applications.