How it works
Who can Co-own?
Teaming up looks different for everyone. For example, you could borrow together with a group of friends, with siblings, or be a couple teaming up with another couple. 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 is not for business purposes.
A property sharing agreement
We strongly recommend all co-owners have a property sharing agreement in place before the property is purchased. A property sharing agreement sets out each co-owner's rights and obligations in relation to the property and helps ensure all co-owners are aligned and in agreement. It may also help bring to light potential issues, before you get too far down the track.
How does the home loan work?
At Kiwibank, it's common in Co-own arrangements to have a joint home loan structure where all co-owners are borrowers. For joint home loans, you're still each individually and together liable for the entire home loan. As a team, you'll decide how the loan is structured, for example it could be split into portions with different loan amounts and repayment terms. Read more about structuring your home loan. Offset home loans may not be available for Co-own arrangements.
If at least one of the co-owners will be living in the property, then generally a combined deposit of 20% of the purchase price is required. This can be made up of savings or borrowing against available equity in an existing property if the home loan is with us.
Making changes to your home loan
For simple home loan maintenance requests, like changing the regular payment amount or repayment date, we only need one of you to tell us – but it’s important that you’re all across any changes beforehand. To apply for additional borrowing, we'll need all co-owners' consent. If you or any of the other co-owners are going through financial hardship please get in touch with us.
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We've created some scenarios so that you can get an idea of how this could work for you.
Siblings setting up their family’s future
In some case it might make sense to get on the property ladder with family. You may have a brother, sister, cousin, uncle or aunty that shares the same dream as you.
Friends teaming up
Teaming up with friends could be an ideal situation if you're already living together and share the same dream of getting in the house market sooner.
Single mums on a shared journey
Being a single parent comes with its own challenges, and getting on the property ladder is maybe one of them. See how this dream could be achieved.
Tips & guides to help you get into your home
Guide to buying your first home
If this is your first property, check out our first home buyer guide for everything you need to know about house hunting, putting in an offer, and settlement.
Using your KiwiSaver
If you've been in KiwiSaver for at least three years and you meet the eligibility requirements, you may be able to make a first home withdrawal to go towards buying your first home.
Home loan standard terms and conditions
Displayed interest rates are subject to change. Kiwibank’s lending criteria, terms and conditions, and fees apply.
Co-own: Maximum four people per application. Offset home loan may not be available. Excludes business banking.
Co-own: customer case studies are summaries based on real-life scenarios to help demonstrate how Co-own could work. They are for information purposes only, and don't detail all the risks and considerations that need to be considered when entering into a Co-own arrangement.
This page provides general information and isn't intended as regulated financial advice. If you'd like us to review your specific situation, please contact one of our home loan specialists.
Retail products aren't available to financial institutions or wholesale customers.