Buying guide
Alternative homeownership: Buying with family or friends
Homeownership might not be so far from reach.
6 June 2023
AI summary
Buying a home with friends or family helps Kiwis enter the property market by pooling incomes and KiwiSaver funds, sharing both purchase and ongoing costs.
However, all co-owners are liable for the entire mortgage, and credit records are linked. A formal Property Sharing Agreement, drafted by a lawyer, is essential to outline contributions, exit strategies, and resolve disputes. Not all banks lend to groups, so a mortgage broker can help find willing lenders like Kiwibank or ASB.
What you’ll learn:
Pros and cons of buying a house with friends or family
Initial questions to consider:
Tenancy in Common vs Joint Tenancy
Property Sharing Agreements
Not all banks will lend to a group of friends
Author
Discover More
Townhouses deserve a better press. Here's the evidence.
Seven townhouses for sale on Trade Me Property show there's more to the category than you expect.
‘We wanted to show off’: He built his own Lockwood home to prove what it could do
Former Lockwood boss Joe La Grouw’s 648sqm Rotorua home, built to showcase the company’s designs, is now on the market.
Search
Other articles you might like
