How do you qualify for Joint Home Ownership (JHO)?

In order to qualify for JHO, you need to be a New Zealand Citizen or Permanent Resident, or have Overseas Investment Commission approval if you are a non resident. You will need to be working fulltime and have some form of deposit from savings or Kiwisaver. that’s all.

Are Joint Home Ownership (JHO) mortgages easier to get?

We work along side all Banks around New Zealand via our preferred mortgage brokers who are the professionals in this field to get you the best mortgage and interest rates in todays market. 

Is Joint Home Ownership (JHO) a good idea?

​It is the best alternative idea outside of being in a position to buy a home or investment by yourself. By purchasing together with another party this assists you towards your dreams and future home ownership.

How do I sell my Joint Home Ownership (JHO) home?

You can sell the property anytime you want to as long as both parties agree but we set up your JHO agreement for a five (5) year initial period to allow both all parties to get to know each other and can build trust between you all. The five (5) year initial period helps with a possible capital gain so when you do want to make a decision to sell or buy the other parties interest in the property there is added value. This allows you to sell for the following reasons capital gain, refinance to own exclusively yourself or both parties simply reapply to the bank to purchase another investment. 

What does Joint Home Ownership (JHO) of a home mean?

‘Joint Home Ownership’ (JHO) means you are buying your house with someone else. So, instead of owning 100% of your home, you own a portion or percentage of the property depending on how much you can afford. You have a joint mortgage to service monthly and you agree between the parties what the repayments are between you all. This is in an agreement that “Joint Home Ownership Limited (JHO) provide to all parties involved for you to have approved by your acting solicitors.

Is there a minimum income for Joint Home Ownership (JHO)?

There is no minimum income but to buy a Joint Home together the income from all parties determines the ability to get a mortgage. As house values around New Zealand vary from City to City this has an impact on what the values versus income are. 

Do you pay rent and mortgage on Joint Home Ownership (JHO)?

By purchasing a portion or percentage of a property rather than the whole property, you have a lower mortgage outgoing. Parties agree at the time of getting a joint mortgage what the repayments will be each. If the mortgage out goings is higher than market rent then the parties need to agree on the balance of repayment usually this is the passive investors responsibility, this is all set out in our Joint Home Ownership agreement between the parties before settling the purchase of the property.

Is there a minimum income for Joint Home Ownership (JHO)?

There is no minimum income but to buy a Joint Home together the income from all parties determines the ability to get a mortgage. As house values around New Zealand vary from City to City this has an impact on what the values versus income are. 

Do you pay rent and mortgage on Joint Home Ownership (JHO)?

By purchasing a portion or percentage of a property rather than the whole property, you have a lower mortgage outgoing. Parties agree at the time of getting a joint mortgage what the repayments will be each. If the mortgage out goings is higher than market rent then the parties need to agree on the balance of repayment usually this is the passive investors responsibility, this is all set out in our Joint Home Ownership agreement between the parties before settling the purchase of the property.

Can you rent your Joint Home Ownership property?

If your financial or situational circumstances change, yes, you may rent the property as long as all parties of this Joint Home Ownership are aware of the situation. This is all set out in our Joint Home Ownership (JHO) agreement that we provide to all parties concerned.

What are some of the issues to understand with Joint Home Ownership (JHO)?

The main issues is protecting all parties from making sure all mortgages, maintenance and outgoings on the home are paid to keep the Joint Home Ownership (JHO) parties happy. We have set out an agreement from Joint Home Ownership Ltd (JHO) that outlines remedies on how parties can agree should any issues arise.

What are the benefits of Joint Home Ownership (JHO)?

There are many benefits to JHO such as; security of tenure, being on the property ladder, a smaller deposit, no time pressure to buy the entire property, lenders who specialise in lending for JHO, depending on location and price repayments can be at time less than having a mortgage by yourself. You have a joint partner for life introduced by Joint Home Ownership Limited (JHO) and at any time if all parties are in agreeance you can purchase another property with the equity you gained from the first one. You can also buy the other party out to be exclusive owner, pull equity out (if all agree) the benefits are positive for all parties.

How do we remortgage a Joint Home Ownership (JHO)?

We have created the JHO agreement so it is for initially for five (5) years this allows for a possible capital gain depending on your location and how the market is at the time of getting it revalued for the banks. You may have also under your loan agreement made payments towards the principal loan amount. You can apply to the bank via our preferred brokers to refinance and pull out the equity available to you to use how you want.

Can I buy a Joint Home Ownership (JHO) if I have owned a house before?

Yes Joint Home Ownership (JHO) is for anyone that is in a position to purchase a home whether you are a first time buyer or simply needing assistance for another property.

How much deposit do I need for a Joint Home Ownership (JHO) mortgage?

A deposit is required on most house purchases but as we introduce you to a passive investor via JHO your deposit can be put together from both parties combined but under some circumstances you may have good income but maybe short on a deposit here is where an investor can help to make the purchase work. Banks currently need a minimum of 5% up to 20% depending on your income, location of property and any remedial works needing to be done. So every case has it’s own merits. Our professional preferred brokers will get you the best mortgage available that fits your needs.

Can you get a Joint Home Ownership (JHO) with bad credit?

In most cases you need a good credit history for a Bank to approve a loan but our preferred mortgage brokers have lenders that will look at all cases that have proven how they got into a bad credit situation along with remedying the default and repayment history. As the loans are for five (5) years they can possibly help some people but not all people.

What is Joint Home Ownership (JHO) of property?

JHO property means owning a home with a party jointly. JHO allows various parties to put deposits and income together and combine the efforts to help make the property purchase bankable to a lender. Our JHO agreement is between the parties and it outlines what percentage or share each party has. In most cases it is 50% each but at times could be a lower or higher percentage depending on both parties income and deposit. You have a five (5) year agreement and during this time all parties can communicate should situations change. At the end of the five (5) year period the parties need to sit down and discuss the options available to them. You can sell on the open market, refinance to buy each other out or you could buy another property together. You have this partnership for the future should you choose to buy together again for another property that is why JHO is unique.

How do I buy the house from the joint owner?

JHO agreement provides that at the end of the five (5) year term the parties agree to either sell on the open market or for one to refinance to buy the other party out. Should situations change during this five (5) period there are remedies provided for in the agreement to help all parties.

Can I buy any house?

Yes you can buy any house. Banks will rely on a registered valuation from their panel of valuers. Every purchase has it’s merits and banks look at any remedial works needing to be done short term. So take this into account when looking at a home to purchase.

Who organises the loan?

Our preferred list of mortgage brokers we work close with have the best contacts in lending to get you the best mortgage that suits your needs. Terms and conditions apply.

Who decides the market value of the house?

When you make an offer on a house the lender will require a registered market valuation from an independent registered valuer from their panel of valuers.

What is Joint Home Ownerships (JHO) role in this process?

Joint Home Ownership (JHO) role has committed to establishing the largest database of potential home buyers and investors together in New Zealand. All registered parties on our database have been screened so we are able to match everyone as accurately as we can to give all parties the best opportunity to buy a property together. We give you our Joint Home Ownership agreement that outlines what each parties role is to facilitate in making the purchase work for you all. 

How often can we refinance the house?

At any time as long as purchasing parties agree and if there is capital growth on that property. It is normally best to wait for the first 5 years.

What is the time frame for the Joint Home Ownership (JHO) of the house?

We have set out a five (5) year term as it helps with a capital gain if there is one in the market place and also any lender will usually give the best interest rate over a five (5) year term. This also allows the JHO parties to get to know how each other is progressing to give you all the opportunity to consider your options for either selling the house, buying each other out or refinancing to buy a second property if you choose to.

What is the cost of joining Joint Home Ownership?

There is a joining fee of $2,500.00 (NZD) payable to join our database. We go to work for you in qualifying the right Joint Home Ownership (JHO) party for you. We send all parties to our preferred Mortgage Brokers to get a preapproved amount the lender will give you all to buy a property. Once this has been achieved a further $2,500.00 is payable you look for a property that suits your needs. Our preferred mortgage brokers can organise for you to have these fee’s re embursed to you on settlement day if you choose this option and if the lender has sufficient income and security in the home to approve this. The advantage is you have been introduced to a life time partner to buy further property together should you do so.

What other costs will the homeowner have?

The usual costs of home ownership including rates, insurance and maintenance.