CO-OWNERSHIP
Together, Toward Ownership
Buying property in New Zealand has become increasingly challenging—particularly for first-home buyers and solo purchasers. Shared ownership, also known as co-ownership, is an innovative solution that allows two or more people to pool resources to purchase a home together.
At Harcourts Patras & Co in Greenlane, we’ve worked with siblings, partners, friends, and even parent-child buyers to secure homes through shared ownership. This model can make homeownership more accessible—but it requires clear structure, trust, and legal safeguards.
What is Shared Ownership in Real Estate?
Shared ownership involves two or more parties purchasing a property together, each owning a defined share—often reflected in a percentage (e.g., 50/50, 60/40).
Ownership structures vary:
Joint Tenancy: Equal ownership with survivorship rights.
Tenants in Common: Flexible ownership percentages with individual control over one’s share.
You can share ownership with:
Family members
Friends
Business partners
Romantic partners
Co-ownership schemes or shared equity programs
Benefits of Shared Property Ownership
Improved Affordability
Pooling income and savings allows access to higher-value homes or better suburbs.
Shared Costs
Deposit, mortgage repayments, rates, insurance, and maintenance are split.
Reduced Financial Pressure
Lower individual financial burden makes the mortgage more manageable.
Faster Entry into the Market
Avoid years of saving solo—start building equity now.
Access to Better Properties
You may be able to afford a larger home or a more desirable area like Greenlane, Epsom, or Ellerslie.
How Shared Ownership Works
1. Agree on the Partnership
Discuss goals, contributions, and exit plans.
Choose whether you’ll be joint tenants or tenants in common.
2. Seek Legal Advice Early
Your solicitor will draft a co-ownership agreement outlining each party’s rights, obligations, and what happens if one wants to exit.
3. Get Finance Pre-Approval
Most banks will assess all buyers collectively. Ensure both/all parties have solid credit profiles.
4. Search and Buy
Work with Harcourts Patras & Co to find a property within your joint budget and ideal location.
5. Finalise the Agreement
The co-ownership agreement is signed before or at settlement.
6. Maintain Clear Records
Keep ongoing records of mortgage contributions, expenses, and ownership changes if applicable.
Who Should Consider Shared Ownership?
First-Home Buyers
Especially helpful for individuals priced out of the market on their own.Siblings or Friends
Ideal for stable, trust-based relationships with a shared property vision.Parents Assisting Children
Mum and Dad can co-purchase as guarantors or equity partners.Professional Flatmates
Turn rental payments into equity-building with housemates-turned-co-owners.Investors
Spread the risk and capital required for investment properties.
Why Shared Ownership is Growing in NZ
With house prices rising faster than wages in many Auckland suburbs, shared ownership is no longer just a workaround—it’s a mainstream solution.
At Harcourts Patras & Co, we’ve seen increased co-buying interest from:
Young professionals buying together
Extended families sharing homes with dual kitchens or self-contained levels
Investors pooling capital for rentals or development sites
Common Misconceptions About Co-Ownership
“We don’t need a formal agreement”
Verbal agreements can lead to serious disputes. A co-ownership agreement protects everyone.“All parties must contribute equally”
Ownership shares and financial input can be customised (e.g., 60/40), and still function well.“Banks don’t like co-ownership”
Major banks regularly approve mortgages for multiple buyers, provided credit checks and income requirements are met.“It’s only for family”
Many co-owners are friends, colleagues, or even acquaintances with aligned goals.
Risks & How to Avoid Them
Disagreements or Relationship Breakdown
Solution: A well-drafted co-ownership agreement outlines dispute resolution processes.
Exit Difficulties
Solution: Include a clause for selling or buying out a share if someone wants to leave.
Uneven Contributions
Solution: Record and agree on financial input clearly upfront to avoid future tension.
Liability Issues
Solution: All parties are jointly liable for the mortgage—ensure all are financially responsible.
Loan Structure Confusion
Solution: Consult a mortgage broker to tailor the lending arrangement correctly.
Key Inclusions in a Co-Ownership Agreement
Ownership percentages
Mortgage contribution amounts
Exit strategy and buy-out process
Maintenance and renovation responsibilities
Rules for renting or selling the property
Dispute resolution process
Note: Harcourts Patras & Co can refer you to trusted property solicitors to draft or review these agreements.
Why Work with Harcourts Patras & Co (Greenlane)?
Experienced in Multi-Party Purchases
We assist buyers navigating shared ownership and help structure deals that suit all parties.Tailored Property Searches
Looking for a two-living zone home for dual families? We’ll find the right fit in suburbs like Greenlane, Ellerslie, or Onehunga.Finance & Legal Support
We connect you with trusted mortgage advisers and lawyers familiar with co-ownership nuances.Post-Sale Guidance
From managing shared maintenance to long-term resale strategies, we’re here even after keys are handed over.
Conclusion: Is Shared Ownership Right for You?
If you’re struggling to get on the ladder alone, shared ownership can be the key. With aligned expectations, clear legal structure, and the right guidance, co-ownership can lead to long-term financial growth and homeownership security.
Harcourts Patras & Co has helped dozens of buyers in Greenlane and surrounding areas make smart, structured co-ownership decisions. Let us guide you in building equity—together.
Explore Shared Ownership Opportunities
Visit www.patrasandco.nz to browse homes ideal for shared living, or speak with a consultant about structuring a co-purchase that suits your needs.