homies was created as a solution to a growing problem where everyday Kiwis are faced with being priced out of the New Zealand housing market to buy their first home.
We aim to provide a platform where like minded individuals and couples can pool their savings and income together to own and live in their first home by becoming homies. This is a stepping stone for you to build equity, show evidence of regular mortgage repayments, and take advantage of any potential capital gains to be used towards your future financial goals.
With the housing crisis as it currently stands, homies can take comfort in the fact that “a problem shared is a problem halved”.
Once you have found your homie we will refer you to consultants who will provide you with professional independent financial and legal advice. Giving you all you need to get into your first home easily and stress free.
homies is a stepping stone onto the property ladder. It is designed to build equity and savings to eventually purchase your very own dream home. One to two years with your homie is a good starting point, from here you can look at selling the property, renting it out or opening equity.
An example for a $800,000 house price $80,000 deposit per homie required (based on 20% deposit, $160,000)
$385.75 per week mortgage repayment for each homie (based on 4.79% per annum over 30 years)
Compared to $520.00 per week for the average Auckland rental property you could save $134.25 a week,
or could put this towards paying off your principal loan faster and gaining more equity.
Additionally you will be getting on the property ladder, having the security of owning your own home,
taking advantage of any capital gains, and no more rental inspections!
With a homie you are no longer priced out of buying in Auckland
You can live in your house now, rather than waiting for an investment outside of Auckland to appreciate.
You can easily look at properties before buying as opposed to travelling or going off the advice of real estate agents.
Once you purchase an investment property you may not be eligible to use your
KiwiSaver funds in the future to purchase your own home. Instead you could potentially use your Kiwisaver
Deposit requirements growing faster than your savings or don’t have a significant other to buy with yet?
You can use any capital or equity gains to put towards your own home in the future.
Team up with a homie to get in the market now.
You can submit your details and we will run you through our database at no charge.
It will determine if you meet the minimum criteria to purchase a home with a homie, as well as identify potential homies
who you could work with. Once these two conditions are met we will send an invitation to attend one of our paid events.
You will have a first introduction to potential homies and swap details to get to know them better in your own time.
Our partners in the legal, mortgage and insurance fields will also be available if you have any questions.
homies has partnered with established professionals in the mortgage, insurance and legal fields which helps in several ways.
Protecting one of your most important assets, your ability to earn. If you or a homie’s ability to earn is affected,
cover such as Income Protection and Mortgage Protection can be invaluable in helping you through difficult times.
Shared ownership can be a complicated agreement that you will need to seek legal advice on.
Once you have found a homie to purchase with they will be able to assist you with drawing up an agreement to cover the things
that are important to you for what you want to achieve through your first home ownership. As well as the necessary documentation required
in purchasing a home. Homies advisors will be on hand at all events and we can also refer you to these professionals at any time.
*These service providers are independent of homies and fees will apply for some services that they offer*
homies is designed as a temporary arrangement to help you save enough, or build enough equity to buy your own home at a later date. One to two years can be all it takes in current market conditions to achieve significant capital gains towards your deposit. Living with others is similar to flatting situations with the added benefit of you both owning the home and thus having a personal stake in it. Your homie will be driven like you to ensure your mutual goals are successful.
We will introduce you to a number of potential suitors to give you the best chance of aligning with like minded people. You should discuss with your potential homies what your goals and personal preferences are. This will help set the basis for any future legal agreement. homies has legal partners we can refer you to or you can use to set this up.
Important things are the exit strategies and duration. You may want a fixed term of two years to continue saving towards your deposit and look for a little boost through capital gains. Others may be Do It Yourself minded and want to make improvements to the property. Some will be keen to convert the property to a rental when they want to move out. Drawing up this legal document is key to protecting your investment into the home.
Mortgage Protection and Income Protection insurance among other types of covers are also valuable tools you should look at to protect yourself.
Two years is a possible time-frame to aim for. It allows you to use your KiwiSaver Withdrawal, KiwiSaver HomeStart Grant (KiwiSaver eligibility applies) to maximise your deposit, provides modest fixed mortgage rates to budget around, builds a history as a home owner with your bank and gives you a taste of what it is like to own your own home.
All our homies have the goal of owning their own home eventually and are driven to make this happen. Living with people who share this same goal means both parties will be committed to the arrangement and to making it a success.
So stop paying rent to your landlord and put it into your own home and your own future by registering FREE today.
Once you find and match with your homie/s and are ready to look at purchasing a home, we will assist you with a home loan preparedness checklist to be “home loan ready”
At homies we are not Financial Advisors, however we aim to assist our members to de-risk themselves and their matches by seeking expert advice