Home ownership - September 2005
Pacific home ownership: Take-up of the multi borrower provision of the Mortgage Insurance Scheme - September 2005
This research explored Pacific people's views of the multi-borrower provision of Housing New Zealand's Mortgage Insurance Scheme, known as the Welcome Home Loan.
The multi borrower provision enables three or more people in a household to purchase a home together.
The findings:
- confirmed that the multi borrower arrangement is a good way for large Pacific families to get into their own home - it may also be useful for families with older parents that are buying their first home
- suggested a key motivation for people to buy their own home is a desire to provide a secure foundation for their family in the future
- identified three potential barriers to home ownership by Pacific families: the level of families existing debt; the affordability of houses in the areas where Pacific people wished to live, and the need for information and support, particularly for people whose first language is not English.
