With the average house price in New Zealand being at least 6 times the average income and Auckland housing affordability around 9 times the average income, it may seem nearly impossible to live the dream of owning your own home. However, over recent years we’ve seen a shift in the types of home loan applications we receive – with an increase in family members or friends purchasing homes together to get onto the property ladder.
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Buying a Home with a Family Member or Friends
All You Need to Know About Deposits
The word deposit can cause a little confusion when it comes to buying a home, particularly if it’s your first home. You’ll talk about deposits with the bank and you’ll also be asked for a deposit by the Real Estate agent.
So, the word deposit comes up twice when buying a home, but are they the same thing?