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Home ownership – it’s the Kiwi dream. That feeling of elation when you first get told “it’s yours”, the first glimpse as you unlock the door, the first time you arrive home. Your home. All those years of hard work have finally paid off.
But like with many dreams, it can often feel so far out of reach. Particularly for those trying to go it alone, or buy for the first time, home ownership can feel like a monumental hurdle. That’s where Kiwibank Co-own comes in.
Teaming up with friends or whānau
This way of getting on the property ladder can be achieved by teaming up with friends or whānau, pooling your savings to get a deposit and together borrowing the amount that is 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 everybody 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.
Purchasing a first home together
For the Faitotonu family, Co-own has enabled them to purchase their first home together, and for both parents and children the experience has brought them even closer together. Father Siale had opportunities earlier in life to buy a home but as the eldest in a seven-sibling family, most of his income was used to support his family back in Tonga. He and his wife Milika were initially hesitant about buying a home, weary of what having a home loan could mean for their expenses, but when their son and daughter agreed to come on board, the great saving adventure began! Their Kiwibank savings account grew alongside their excitement and anticipation. What could their future hold?
Their Kiwibank Mobile Mortgage Manager was “the magic” for the eager family and she helped guide them on the Co-own journey. The Kiwibank expertise helped the Faitotonu family ease the path towards home ownership. The MMM explained that their lawyer would work through a property sharing agreement with the Faitotonu family to ensure that they knew what it meant to own a home together. For Siale and Milika these conversations were worth it, they had a goal in mind to prosper with their children and future grandchildren. Thankfully their MMM could relate to their family in a way they hadn’t seen before and helped the family harness clarity and calm as they narrowed down their list of potential houses to one.
The Faitotonu family is helping pave the way to higher Pacific home ownership as they spread the word of Kiwibank Co-own and the perks of being homeowners. According to Stats NZ in the past three decades home ownership rates have fallen for Pacific peoples.
We are the owners now
“When I came to the house for the first time, the previous owner hadn’t finished cleaning up and I had to wait a little while she finished off,” said Siale.
“Then she handed me the key. I think on my way back I must have cried, I prayed and thanked the Lord for everything on my way back to go to town. Finally, I’ve got the key. You know, it sort of hit me. This is it. We are the owners now.”
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 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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