Why whānau should consider buying a whare in Hawaiki Street

We recently launched Hawaiki - 24 whare near the corner of Hawaiki Street and Kupe Street for whānau to purchase. For whānau looking for a new home, or seeking an entry into homeownership, this new housing development is a unique opportunity to consider becoming a part of.

Hawaiki represents our ongoing commitment to deliver more housing for whānau. By providing high-quality homes on iwi land, as well as offering an equity share option and forming partnerships with leading banks, we aim to make the home-buying process more accessible and achievable for our whānau than what you’ll find elsewhere in central Tāmaki.

What sets Hawaiki apart as an exciting opportunity for whanau ?

• The homes are situated on papakāinga. Being close to the marae and surrounded by whānau is a key reason. Living on the papa kāinga means you'll be a part of a thriving whānau community and can enjoy all the benefits of being a part of it.
• Competitive prices. On TradeMe, there are three, new 2-bedroom homes in the Ōrākei area asking for at least $1,500,000. We know for many whānau, that just isn’t an option. For a 2-bedroom whare in Hawaiki, you’ll pay $650,000. And while that does not include the cost of land (which will continue to be owned by the hapū) it may be a more realistic option for whānau wanting to purchase.
• Quality homes. We’ve tried to keep the costs low but deliver homes that will be warm, dry and good quality.
• Shared ownership. With the increased cost of living, interest rates and building costs, we know that it’s a difficult time for purchasers which is why we are offering an equity share option. You do need to come up with at least 5% of the purchase price. But under the shared ownership scheme, Whai Rawa may be able to help by contributing up to 25% towards the initial purchase price of your home. This lowers the amount you need to borrow from the banks, making it more affordable.  Whai Rawa will own a share of the home to start with (based on the amount it contributed) which you can then agree to buy out over time.
  • For example, if you have a 10% purchase price and a participating bank is willing to lend you 75%, Whai Rawa could contribute 15% to purchase the home with you in return for a 15% share of ownership in the home. Then, as you are able to, you buy out Whai Rawa's ownership share and fully own the house.
• Partnership with BNZ and Westpac. Traditionally, it has been difficult to borrow for developments like Hawaiki so Whai Rawa has struck a partnership with BNZ and Westpac for Hawaiki so whānau can borrow directly from the banks. This is a positive step forward as it enables whānau to build that relationship directly with the bank and means that Whai Rawa does not need to be the lender.

Trust CE Lisa Davis and our team hosted an info session recently and said it was really positive to see whānau, especially young families and young couples, come along to freely ask questions. Keep the pātai coming, check out our website and attend the info sessions! Applications close in May. That will sneak up on us so I encourage you to get in touch with the banks asap to understand where you sit financially, you may need to pay down some debt, build your deposit or apply for the shared ownership. The more time you have to work through the process the better.

Key Dates

• Applications to purchase a whare are open now
• Applications to purchase a whare close (Friday 5 May)
• Allocation of whare drawn (Friday 12 May)
• Contracts signed and $5,000 deposit to secure home due (Friday 2 June)
• Construction for whare starts (from mid-June)

Keep an eye out on the Whai Rawa Facebook for Wednesday Webinars and all other info.