Alternative homeownership: Buying with family or friends

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 purchase price and ongoing costs like rates and insurance.

However, risks include linked credit records and full mortgage liability if a co-owner defaults. A formal Property Sharing Agreement, drafted by a lawyer, is essential. This legally outlines contributions and exit strategies, often using a Tenancy in common structure.