Buying with friends who've become family
Couple Jihwan and Rosie first met Tom and Dahee ten years ago while studying at Victoria University in Wellington. All, except Rosie, were studying as international students from South Korea. In the absence of New Zealand based family, they quickly became each other's support network and chosen family.
“Being an international student, being a Korean, and being on your own. I think that shared experience is something that really brings us together,” said Jihwan.
The two couples worked with Kiwibank Mobile Mortgage Manager, Chelsea Ladbrook. Get Chelsea's tips and insights on the home ownership journey.
Now, Tom and Dahee are married and live in their own house in South Auckland which they share with flatmates. Jihwan and Rosie rent in central Auckland.
Following many discussions, Tom and Dahee have offered to go halves on a property to help their friends get on the property ladder. They plan to move in together, and Tom and Dahee will rent out their existing property.
Initially setting out to find an older, inner-city apartment with lots of potential to add value, the groups’ expectations and preferences quickly changed. As they visited properties, gathered information and reconsidered the realities of budget, renovation efforts and space, they began to discuss the risks and benefits of older properties versus new builds.
It's more exciting that we’re able to pool an even greater amount of money and do something without so much risk and stress, because it’s a shared load.Rosie on co-ownership with Jihwan, Tom and Dahee
Mobile Mortgage Manager Chelsea Ladbrook was there to provide support along the way. She explained the differences between new builds and older properties from a borrowing perspective and was able to guide them through the co-ownership process.
“It was interesting going through this process, knowing in more detail the financial position of our friends,” said Jihwan. “Now we’re in a state where we’re comfortable having that transparency between us.”
Purchasing a home marks a significant milestone for these newer residents of Aotearoa. “This is an exciting time for us because we’re establishing our home base here in Auckland,” said Jihwan. “So we’re an Auckland New Zealand family.”
Watch their story: On the Ladder with Kiwibank is available on ThreeNow.
On the Ladder with Kiwibank is produced in partnership with Warner Bros. Discovery.
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