Did the love of your life find their home before they found you? No problem, you can buy into it too, so long as it’s done properly.
We see this a lot: one partner already owns the home, and rather than sell up and buy something new together, the other partner wants to buy in. It’s a great option, but if you take shortcuts, it can turn into a real mess later on (financially and personally).
How we help you do it properly
This does take a bit of time and cost a bit of money upfront, but it protects everyone and avoids nasty surprises down the track. Here’s how it typically works:
- Get the finance sorted — we treat this like an internal refinance. We’ll help you work out the new loan structure, whether that’s staying with the existing bank or looking at a switch, and get you both approved as borrowers.
- Get a valuation — an independent valuation sets the purchase price used in the agreement between you and your partner. This matters for both the loan and the legal side.
- Loop in your lawyers — both you and your partner will need your own lawyer for independent legal advice, and your partner’s lawyer will draft the internal sale and purchase agreement. You can also plan for the future here, making sure both parties are protected.
- Use your KiwiSaver if eligible — if you’re using KiwiSaver for your share of the purchase, we’ll help make sure your withdrawal lines up with the agreement and settlement timing, and that your provider has what they need alongside your lawyer’s documents.
Where we come in
We handle the lending and guidance around the KiwiSaver withdrawal side, making sure the numbers stack up and the timing works, while your lawyer handles the title and legal agreements.
Get in touch and we’ll help you map out the right process for your situation.
Disclaimer: This content is general information only and is intended for educational purposes. HelloYello provides mortgage advice and does not provide KiwiSaver investment, legal, insurance, tax, or accounting advice.
