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 is a popular way for Kiwis to enter the property market. This approach allows you to pool incomes and KiwiSaver funds, sharing both the deposit and ongoing costs like rates and insurance.
Key risks include being jointly liable for the entire mortgage and having linked credit records. A formal Property Sharing Agreement drafted by a lawyer is essential. This outlines all financial contributions, exit strategies, and dispute resolution. Ownership is typically structured as a "tenancy in common".
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
Why the Lonely Planet's coolest new travel destinations are the perfect place to buy a home
Named among the world's best places, Ōtepoti-Dunedin and Waitaki offer Kiwi buyers unique, affordable property options.
They came to NZ after appearing on a BBC TV show. Visit the 1888 homestead where they built a new life
A UK couple found a new life in an 1888 NZ homestead after appearing on a BBC TV show.
Search
Other articles you might like
