It's really incredibly simple!
5 simple steps to home ownership.
02. Plan & Pre-Approval
If you’re eligible, we’ll contact you to discuss your ownership plans and explain our process. We’ll introduce you to a bank in the YouOwn programme and help you to obtain a home loan.
Together, we sign the sale and purchase agreement as co-owners and pay the developer a deposit. We sign a legal agreement that specifies our joint rights and obligations.
We help you complete documentation to withdraw any KiwiSaver funds (if applicable) and you sign the loan documents with the bank.
05. Move in!
The balance of the purchase price is paid, the bank issues a mortgage over the property and you move in!
Co-ownership with YouOwn is easy. You buy a portion of the property you can afford now, and we help with the rest. You pay a charge on our portion and after five years, you can buy our share when you are able to. You have all the rights of ownership and, subject to compliance with relevant law, you are free to alter and maintain the house as you wish.
What else? Your house is on its own title, and together, we own the property as tenants in common. You are responsible for all ownership costs such as rates, maintenance and insurance.
Our co-ownership agreement includes your right to buy us out after five years at independently assessed market value. Until you buy us out you pay us an equity charge of 4.95% on the money we invest. Every five years the equity charge is recalculated based on the change in value of the property.