More affordable homes being built at Three Lanes Somerfield
We’re building more affordable family-sized homes to support low-to-median income earning families in Christchurch.
Some of the new homes that’ll be built on the corner of Lyttelton St and Sparks Rd in Spreydon will be part of ŌCHT’s Secure Home leasehold scheme.
The scheme offers a pathway to affordable home ownership. Working families buy the right to occupy the property for 100 years, for the price based on the cost to build their new home.
It's a way to bridge the gap between renting and full home ownership, allowing people on low-to-median incomes to build equity through mortgage repayments to ŌCHT rather than paying a private landlord.
The householder gets their saved equity back when they sell their lease back to ŌCHT, should they decided to leave.
The scheme is open to families earning a single income of up to $95,000 a year, or $150,000 in a two-income household. They need at least a 10% deposit of the purchase price and the means to service a low-deposit home loan with Secure Home’s banking partner, Westpac.
Affordable Rentals for Families will also be available at Three Lanes Somerfield. ŌCHT’s affordable rentals programme offers working families with children long term tenancies in new, purpose-built rental homes at prices below market rental rates.
It’s for low-to-moderate income working households who can’t afford market rent but who don’t qualify for or don't need public housing.
ŌCHT charges no more than 79% of the average market rent for comparable homes in the rentals’ suburb.
You may qualify if your combined household income is under certain levels, based on the size of your household. This varies from up-to $80,000 for a two-bedroom home, to up-to $90,000 for a three-bedroom home.
The new homes at Three Lanes Somerfield are breaking ground in September and will be available late 2025.
We’re expecting these homes to be popular so get in touch now to plan how you might get into your new home in 2025.
