The Christchurch Housing Initiative (“CHI” or “the Initiative”) recognises that, for many households who could otherwise afford to service a modest mortgage, saving a sufficient deposit is what is holding them back from home ownership.
The Initiative can help by providing an equity contribution of between 15 and 40 per cent of the total value of the property you want to buy to “top up” your deposit. It will then take an ownership (equity) stake in the property equivalent to the amount of money contributed, which means it will share in any equity gains or losses over the period of the partnership. It won’t charge any interest on this equity contribution, and you’ll have up to 15 years to repay it. The Initiative’s contribution will be secured by way of a second mortgage. To find out more, please see our frequently asked questions.