Photo: RNZ / Nate McKinnon
Kāinga Ora shut its shared home ownership programme at the end of September, just six weeks after expanding it.
The first home partner programme helps buyers who do not have enough of a deposit by paying for up to a maximum of 25 percent of the purchase price of the house or $200,000 - whichever is lower.
Applicants needed to have at least a 5 percent deposit. Kāinga Ora had six weeks earlier expanded the programme from solely new build properties to include existing houses as well.
Kāinga Ora declined to be interviewed on the topic - stating that the current political landscape made it inappropriate for it to be speaking on government policy.
But a spokesperson said the change to include existing homes led to a 450 per cent increase in the number of applications it had received, leading to the scheme being fully subscribed.
Stuart Wills has been a mortgage broker for some 25 years and operates Mortgage Managers out of Auckland. He also set up a popular Facebook page - Kiwi First Home Buyers Group - to promote discussion among buyers.
The Tāmaki regeneration programme is another shared home ownership programme of note in New Zealand. Its chief executive Shelley Katae appeared on Nine to Noon earlier this year.
