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Shared Home Ownership

As a mortgage adviser I will always look at all options the options available to help first home buyers, and shared home ownership is one of those options.

For many people as first home buyers the ability to buy a home on your own is difficult; however if you had someone that you would share the ownership with it may be the difference in being able to get your own new home or staying renting.

What is shared home ownership?

Shared home ownership is an alternative method to use when purchasing your home, whereby you share the ownership with someone else. With the support of the bank you may own 80% or more of the home, and the remaining share of the property is owned by someone else. It is not a new concept being used over many years often by family to help people to buy their first homes.

It’s not quite the same as owning your own home 100% but shared home ownership can be a very good option for getting your first home when otherwise it might seem out of reach. I can explain shared home ownership, and if you think it’s a good option then we can work on finding something suitable for you.

Often the shared home ownership means that you can buy a suitable home when otherwise that might not be an option for you.

Popular Options If Family Help Is Not Possible

Where family are able to help that’s great, but that is not an option for everyone and so here are two good alternatives:

First Home Partners – this is the Government backed option which is managed through Kianga Ora (Housing New Zealand) and can provide up to 25% of the purchase price for brand new homes, but only if you meet the criteria including the income cap

YouOwn is a commercial shared ownership option and has less restrictions but is more expensive than First Home Partners. YouOwn will provide a shred ownership option on both new and existing homes.

These are the two most common shared home ownership options available for first home buyers in New Zealand at the moment.

Let’s Get Pre-Approved

If you think that shared home ownership will help you then we should get an application and get your finance pre-approved.

It puts you in a better position to buy and really helps speed up the process once you’ve found the new home you like.