How two family members bought a house together

Friends or family combining funds can be a great way for several people to get on the property ladder at the same time.

5 minute read

Bridget & Maddie’s story

After returning to New Zealand from the UK, Bridget and her sister Maddie started having conversations with their parents about getting on the property ladder. They were realistic enough to know they couldn’t do it alone and so joined together to look at how they could make it happen.

The sisters were keen to make sure their investment was protected from future events, like splitting from a partner or a business going under. To do this, they decided to set up a company that was owned by two trusts (a trust for each of them), then the house shopping could commence!

Auckland and Wellington ended up being too expensive, so Bridget and Maddie found a perfect property in Hamilton which they currently rent out as co-owners. A great investment by a great team.

Expert opinions

Felicity Grey is the Director of The Property Practice – a boutique, Auckland-based law firm, specialising in law relating to all things Property. Felicity has broad experience in buying and selling homes and investment properties, renovation, relocating second-hand dwellings, and completing new builds.

In these videos, filmed at the BNZ Buying Outside the Box event, Felicity talks about the pros and cons of syndicate buying, and the contracts and documents you'll need to consider before buying together.

For more tips and tricks from BNZ property and finance experts, as well as BNZ customers, about buying with friends or family, you can watch the below video. The video covers having a robust conversation with your potential co-owners, when to bring in financial advisors, structuring your finances so the house is protected, and what agreements to have in place.

Buying a new build or building a first home

Whether you’re looking at buying a new home or building your own from scratch, choosing a new build could be a great option to get yourself onto the property ladder.

Buying a rental property

If it’s too expensive to buy in the city where you live, buying a property elsewhere and renting it out may be a good option for you.

Buying an apartment

Apartments are often more affordable than stand-alone houses, so can be a great first step in your journey to home ownership.

Related tools

Calculate how much you could borrow

Home loan repayment calculator

TotalMoney offsetting calculator

Guide to owning a home

Learn more

All home loans are subject to lending criteria (including minimum equity requirements), term and fees apply. Read our full home loans terms and conditions

This article is solely for information purposes and is not intended to be advice with respect to any matter discussed in it. If you need help, please contact BNZ or your professional adviser. Neither BNZ nor any person involved in the material accepts any liability for any direct or indirect loss or damage arising out of the use of, or reliance on, all or any part of the content.

References to third party websites are provided for your convenience only. BNZ accepts no responsibility for the availability or content of such websites.