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Kiwibank Co-own is another way of getting on the property ladder and is achieved by teaming up with friends or whānau, pooling your savings to get a deposit and together borrowing the amount that’s needed to buy the property you’re all after, taking that exciting leap onto the property ladder.
Teaming up looks different for everyone
Everyone needs to be on the same page, trust one another, and be comfortable that their personal information will be shared with each other. Co-ownership won’t suit every body and we strongly recommend all co-owners have a property sharing agreement in place before the property is purchased so that everyone’s on the same page and any potential issues are sorted before you get too far down the track.
Pooling resources and buying together
Flatmates, Ben, Hannah, Zac and Ella toyed with the idea of pooling resources and buying together for a while before finally taking the plunge. What started as the odd open home here and there became a fully fledged house hunt. Working to get an offer together only to be rejected made the journey tough at times, but it was all worth it when they decided to escape city living and landed on Otaki as their new town of choice.
That’s where Kiwibank came in. With three out of the four already banking with the New Zealand owned bank, they credited the speed of response and the detailed information they received as the main reasons why they chose to get their first home together via Kiwibank Co-own.
What once seemed like a distant dream, soon seemed like it was becoming a reality. Eventually their dream home was in sight and after a flurry of calls, pacing around, watching the phone and tense conversations, they finally reaped the reward – they were homeowners.
Time to celebrate
How did they celebrate? Huddled in a bedroom celebrating with a bottle of bubbles and their other flatmates. With a sourdough maker and a keen gardener in the house it sounds like the team are off to a good start. In terms of what’s next, they put it nicely when they said they are looking forward to hosting people, regularly walking the hills near their new place and doing small things to make their house a home.
“It’s nothing like flatting, in our home we can just live our lives.”
To learn more:
You can find more information on Co-own and this offering by talking to one of our leading mortgage advisers.
Kia mau ki te tokanga nui a noho – there is no place like home.
Nicole Pervan
Nicole is the General Manager of Home Lending at Kiwibank – the largest New Zealand-owned bank. Nicole has spent her career working in financial services in Australia, Europe, and New Zealand across a range of disciplines including product management, sales, risk, and change.
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