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 purchase price and ongoing costs like rates and insurance.
However, it carries risks like linked credit records and full liability for the mortgage. A formal Property Sharing Agreement, typically structured as a "tenancy in common", is essential. A mortgage broker can help find willing lenders like Kiwibank.
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
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