As a mortgage adviser I will look at all options 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.

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.

What Is Shared Ownership?

Shared ownership is not a new concept – it is the way that many people have been able to buy their first homes.

Shared home ownership is an alternative method to use when purchasing your home, whereby you share the ownership with a partner. With the support of the bank you may own 80% or more and a commercial partner owns the remaining share of the property.
You have one foot on the property ladder, no more worries or stress with renting, and have the freedom and flexibility of living in your own house and creating a home. At a later stage you can buy the remaining share at the market value at that time.

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.

The Two Most Popular Options

There are a few options for shared ownership.

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.