Frequently Asked Questions

Homies / Frequently Asked Questions

An example in Auckland
$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!

No, however loan application and legal fees may apply should you be approved for a loan, and for the sales and purchase process.

Yes, this is the reality faced by every homeowner, however as the ownership is shared so too is the risk. Having multiple sources and levels of income could in fact lighten the burden.

This is why it is important to do a full financial review with an expert advisor. One of the most important assets we have is our ability to earn, so it is important to review your ability to repay a home loan should you or your partner suffer from an illness or injury. If you would like information on Income Protection, Mortgage Protection, Health Insurance, and Trauma cover please let us know and an advisor will call you. If you do not have an advisor we can arrange for an advisor to contact you.

It is our goal to assist all New Zealanders that cannot currently purchase a property on their own so watch this space as we will be making our service available in other cities as soon as we can.

Generally yes – in order to satisfy the KiwiSaver criteria of using their first-home buyers withdrawal and HomeStart grants, and also to avoid the occupancy being classed as an investment property. The KiwiSaver qualifying period is approximately 6-12 months so you would need to be prepared to live in the property for this period as a minimum.

We strongly recommend that you speak to your homie, and Financial Advisor. Your homie may wish to purchase your share of the property from you, or may require the property to be sold on the market as a worst case scenario. There may be early loan repayment penalties and/or repayment of KiwiSaver funds if you cancel the agreement too early.

Cancellation Period Refund Percentage
Before confirming attendance to event 100%
After confirming attendance to event and cancelling more than 1 week from event 50%
After confirming attendance to event and cancelling less than 1 week from event (or event attended) No refund

We strongly recommend that you speak to your homie, and Financial Advisor. Your homie may wish to purchase your share of the property from you, or may require the property to be sold on the market as a worst case scenario.