In some case it might make sense to get on the property ladder with family through Co-own. You may have a brother, sister, cousin, uncle or aunty that shares the same dream as you. We've put together an example scenario to show how Co-own could work for different groups. To talk about your particular situation, get in touch with one of our home loan specialists.

Imagine there’s a brother, married and saving hard. He and his wife are keen to start a family soon and really want four bedrooms and a backyard for kids to play in. Right now, that seems impossible within their budget.

He also has a sister, who returned from working overseas a couple of years ago, with a good deposit and a good job that involves lots of travel. She really wants somewhere to call home and the family connections she missed while she lived overseas.

Finding a way forward with co-ownership

The brother and his wife have been hitting open homes and have been unable to find a home that's within their budget. The sister’s frustrated that despite her good job and savings she just can’t meet lending requirements on her single income to be able to borrow enough for the type of house she’s after.

What if they all buy a house together? The brother and his wife can have the space they need to start their family. The sister can have somewhere to call home that lets her get closer to her family. A quick search online leads them to Co-own, which could work for their situation.

Setting up for success

Before applying for conditional approval on a home loan, they all set out some clear expectations. They have a whole list of things to consider. The deposit is one — they agree that the brother and his wife will contribute half, and the sister will contribute the other half. Another is deciding how to split other house related expenses like insurance and maintenance. They also agree that after three years, they’ll review the arrangement and sell the house if anyone wants to.

All of the things they’ve negotiated between them will be written up as part of a property sharing agreement with their respective lawyers — they'll also need to find a house. With their conditional approval from Kiwibank, they hit the property listings.

After a flurry of open home visits and some unsuccessful offers, they find the perfect place. Four bedrooms and a decent sized backyard at a price they can comfortably afford together. Thanks to Co-own, the siblings are setting up a future where they might just get to help the next generation of their family.

This scenario is based on a hypothetical situation to demonstrate how Co-own could work in this example. It doesn't detail all the risks and considerations that you’d all need to be aware of when entering a Co-own arrangement. Visit our Co-own page for more information.

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