The friends prioritising quality of life over high debt
Married couple Beth and Reuben and their friend Grace initially joked about the idea of co-owning a home together, but then quickly started to see value in the idea.
By buying together they could lessen their debt, aim for a shorter mortgage period, maintain their work life balance, and make an investment that could help with future property goals.
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Beth, Reuben & Grace worked with Kiwibank Mobile Mortgage Manager, Joe Tongatea. Get Joe's tips and insights on the home ownership journey.
The Christchurch-based trio say they took the time to deeply think through the challenges of buying together and the potential impacts on their relationships.
“It’s a very real fear for all of us that our relationships could end in conflict after this,” said Grace. “It’s something we really don’t want to happen.”
Beth agreed. “From the get-go we were like, if we do this we actually have to open up quite a lot of our lives to each other. We have to know about partners, future kids, or family – all those sorts of things.”
To lessen the risks, they sought independent legal advice and had a property sharing agreement drawn up to account for every eventuality.
Our fortnightly repayments are a little bit more of a stretch than when we were renting, but it’s still manageable. We can still save and do other things – we wouldn’t have been able to that by ourselves.Beth on co-ownership with husband Reuben and friend Grace
Together they amassed an impressive deposit of $280,000 – with half coming from Grace, and the other half contributed by Beth and Reuben together.
“We’re really fortunate that my parents have been able to come to the party with a decent amount, plus we have two KiwiSavers,” said Reuben. “We are setting up a contract with them [his parents] where we repay them at term deposit rates.”
Grace on the other hand, has been a lifelong saver. “I’ve always tried to save about half of my income,” she said.
Ultimately, buying together has offered the three Kiwi a way to get on the property ladder without robbing them of a life.
“It’s nice to feel that we can have a life outside of paying our mortgage – which I think everyone should have,” Beth concludes.
Watch Beth, Reuben and Grace's story: On the Ladder with Kiwibank is available on ThreeNow.
On the Ladder with Kiwibank is produced in partnership with Warner Bros. Discovery.
Paddy Gower gets into Co-own
Journalist Paddy Gower speaks with home buyers and Kiwibank CEO Steve Jurkovich about what's driving interest in property co-ownership.
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