Alternative homeownership: Buying with family or friends

Buying a home with friends or family can help you enter the property market by pooling incomes and sharing costs. This arrangement has significant benefits but also carries risks, as you are liable for the entire mortgage if a co-owner defaults.

A legally binding Property Sharing Agreement is crucial. This document, often structured as a Tenancy in Common, outlines contributions, exit strategies, and how to handle disputes. A mortgage broker can help find lenders like Kiwibank and BNZ.