Increasing their buying power by joining forces
Friends Ben and Ciaran have known each other for over a decade. In fact, they even dated in the earlier years of their friendship, so it’s fair to say that they know what they're getting into as they search for a property to purchase together.
Ciaran is currently renting, and Ben lives in a small townhouse he purchased six years ago. Now, it’s time to sell up and join forces to take on a new project.
“I would like a larger canvas to do more with,” reflects Ben. “Put in a ranch slider, have a deck, new kitchen… Something like that is just what I need.”
Ben and Ciaran worked with Kiwibank Mobile Mortgage Manager, Joe Tongatea. Get Joe's tips and insights on the home ownership journey.
As a first home buyer, Ciaran is able to access funds from his KiwiSaver account to use towards his deposit. Combining this with his savings, and the equity from the sale of Ben’s townhouse, the friends are looking to purchase a house with untapped potential.
Ben will contribute two thirds of the deposit, and Ciaran will contribute one third. All other costs, including mortgage repayments and future renovations, will be split 50:50.
I wouldn’t be able to afford a proper house in Auckland by myself. Together we’ve got a pretty good starting position.Ben on co-ownership with friend Ciaran
Like the home ownership journey of many, their experience has been one with many ups and downs. Relying on the sale of Ben’s townhouse, including a withdrawn offer, added complexity to the timings and logistics of their search. They also acknowledged the fatigue they experienced after looking at well over 50 houses.
To help them stay on track, they met with Mobile Mortgage Manager Joe Tongatea for guidance and advice on the way forward.
“What was really good to hear was that Kiwibank were willing to get behind what I think is an unconventional pairing," said Ben. “We’re not a traditional couple, we’re just a couple of friends buying a house.”
Watch Ben and Ciaran's story: On the Ladder with Kiwibank is available on Three and ThreeNow. New episodes available Sundays at 7pm from 20 October 2024.
On the Ladder with Kiwibank is produced in partnership with Warner Bros. Discovery.
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