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Co-ownership
Pooling your deposits and incomes with family or friends may help you buy a home you couldn't buy on your own. We'll help you understand how much you may be able to borrow together, and how to set up your lending so it's clear for everyone.
At a glance
One application
everyone assessed together
Lawyers
help you agree shares and plans
$0
usually what our advice costs for home loans
Who buys together
Often adults who have been working for a while and have each saved towards a deposit, in KiwiSaver, cash or both.
Some parents buy with a grown-up child. Lenders assess each borrower on their own merits, so a child who has only just started working may not be accepted.
You may want to record who put in what, in case your circumstances change later.
Example
Illustrative only. Lending depends on each person's income, debts, the deposit and lender criteria. Some lenders may ask each of you to get independent legal advice.
The lender assesses all of you as one application. Everyone’s income counts, but so do everyone’s debts, and each of you is usually responsible for the whole loan.
How we help
We work out how much you may be able to borrow together, before you start looking.
We help you think through how to set up the loans, such as splitting them so each person's repayments are clear.
We compare lenders and handle the application for all of you.
We work with your lawyers through to settlement, then review your lending as your circumstances change.
Before you buy
These are for you to agree between yourselves, with advice from your own lawyers.
Each person's share, especially if your deposits are different.
How you'll own the property. Your lawyer will explain the options.
Who pays what, including the mortgage, rates, insurance and repairs.
What happens if someone wants out
What happens if someone can't pay their share.
A written agreement, prepared by your lawyers, so everyone knows where they stand.
In the end, it’s the lender’s decision whether to accept each person on the loan. Lenders generally prefer co-owners who have a steady work history and have saved towards the deposit themselves. If you’re all first home buyers, you may each be able to use your KiwiSaver, and the First Home Loan allows two or more buyers.
Questions we hear often
It's up to the lender to accept each person on the loan. Lenders generally prefer co-owners with a steady work history and savings of their own, such as siblings or friends who have been working for a while.
Yes. Some lenders may limit how many people can be on one loan, so we'll find one that suits your group.
Usually the whole loan. Each borrower is generally responsible for the full amount, so it's important to trust the people you buy with.
It may affect how much you can all borrow, or which lenders will consider your application. Tell us early, so we can plan around it.
Yes. How you record each person's share is for you to agree between yourselves, with advice from your lawyers.
It may. Some lenders ask each co-owner to get independent legal advice before the loan goes ahead. Your lawyers may also help you plan for the future, such as what happens if one of you wants to sell.
For home loans, usually not. In most cases the lender pays us when your loan settles.
A free, no-pressure chat may show you what's possible when you combine your deposits and incomes.