One startup says co-ownership could be an affordable route onto the property ladder
Despite record-low interest rates, getting onto the property ladder is still as tough as it ever was – but according to one fintech startup, co-ownership could be a valuable and affordable way to do it.
Miuwi is a company which matches prospective buyers with each other and helps them on the road to approval, through property co-ownership. Miuwi recently hosted its second ‘speed dating night’ in Wellington, which welcomed a mix of home buyers, investors and anybody else curious about co-ownership and its possibilities. Attendees heard from current co-owners and their personal journeys and from DK Law’s Kristine King, who took them through the legal aspects of co-ownership.
According to Miuwi founder Bradley Parsonson, co-ownership can be a great way to quickly secure a deposit, share mortgage payments and portion the ongoing costs of buying and maintaining a home.
“The millennial mentality believes they may never own a home in their lifetime,” Parsonson told NZ Adviser.
“Miuwi is challenging the stigma and enabling younger generations to get a foot in the door through co-ownership. While many people may have friends and family to buy together with, what about those who don’t? We believe we can open up home ownership to many young Kiwis at a time when ownership rates are at their lowest levels in 60 years.”
Among the ‘dating’ event’s speakers was Anna Pendergrast, who shared her personal co-ownership journey, and the growth she has experienced through being able to buy a home in her desired blue-chip suburb. Some clients even secured unconditional approval while at the event – a great example of how effective a solution co-ownership can be.
“These four had been dreaming of home ownership and the possibility of co-owning but after being tossed around bank to bank and unsure of what was possible, they came to Miuwi,” Pendergrast explained. “Six weeks later they own a home! The remarkable feat was that they did everything online - four people, co-owning, mortgage, real estate, legal etc. all done online.”
Sarah, an attendee at the Wellington event commented: “I really like the concept of co-ownership. It makes the possibility of home ownership a reality for many of us who may not get the opportunity on our own. Miuwi has done all the hard work for you, so the process now seems exciting instead of overwhelming!”
Have any of your clients considered co-ownership? Let us know in the comments below.
