What is the Shared Equity ballot?
The Shared Equity ballot will be used to issue Pre-Approval Certificates to randomly selected applications from each of the five regions. A ballot system is being used to ensure all eligible applications have an equal chance of being selected if demand exceeds loans available.
All eligible applications will be placed into one of five monthly regional ballots. A number of applications are then randomly drawn from each region, up to the limit of available funding allocated for that particular month. The amount of funding available for that month will determine the number of applications available. Some applicants may not be successful in the ballot for that month and in such cases their application will be included in the next two monthly ballots, unless they advise Housing New Zealand that they wish to withdraw their application. Successful applicants will be issued with a Pre-Approval Certificate, which will provide details of the Shared Equity loan available to allow you look for a home.
Related Questions
- Can I get an approval before the ballot takes place?
- Do I have to reapply if I am unsuccessful in the ballot?
- How do I get included in the ballot?
- How does the ballot work?
- How many loans are available in each ballot?
- How often will the ballot take place?
- If I am successful in the ballot does this mean I am guaranteed a Shared Equity loan?
- If I intend to buy or build a new house do I have to go through the ballot?
- What happens after the ballot?
- What happens if I am unsuccessful in the ballot and I already have a contract to purchase a home?
- What happens if more eligible people apply than there are available loans?
- When is the next ballot?
