Levridge, a new online house-buying platform, has launched in New Zealand to end the “property war between millennials and baby boomers.”
The platform, which was developed to help people who fall through the gaps of other first-home buying initiatives, connects first-home buyers to everyday investors.
“The Levridge co-ownership model helps first-home buyers into the property they want, with very little requirements and limitations on what, and where they can buy. It also provides for everyday investors who want to boost their retirement savings without taking on a hefty mortgage or the strain of being a landlord,” said Amy Wilkes, director of Levridge. “Basically, the investor puts up the deposit, and the buyer owns the house and services the mortgage. At the point of selling the house, they split the capital gains 50/50.”
“Our online platform helps to match first-home buyers with everyday investors, to ensure their house-buying preferences are aligned. It’s a bit like a dating site really, but for buying property.”
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Wilkes, a multi-award winning mortgage broker, has worked across every aspect of the property market – giving her enough experience to identify problems in the investment journey.
“Too many young Kiwis are struggling to raise a deposit to buy their first home, and too many mature New Zealanders are nearing retirement without sufficient funds to retire comfortably,” she said. “It dawned on me that instead of playing the blame game, these two different groups of people could actually help each other get closer to financial security. Levridge is a solution for New Zealanders at both ends of the property and investment lifecycle.”