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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22305
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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I am a beneficiary in NZ unable to work at present and in

Customer Question

Hi, I am a beneficiary in NZ unable to work at present and in future would only be able to do so for couple of hrs every day. Due to a relationship break I have funds which I intended to use to re- purchase a property BUT because of such low income I can not get a loan (have been thru 2 mortgage brokers). My daughter Working in Australia and I want to know what the law is regarding jointly purchasing a property (in Christchurch). If i were to put in cash funds and she obtain a mortgage up to 100,000-00. How could this be done and what would be the legal obligations for us to do so. regards Kathryn
Submitted: 5 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 5 months ago.

You could buy this together although she would be jointly liable for the mortgage even though I expect you will pay this yourself. I would suggest when you buy the property that you draw up an agreement with your daughter which sets out what will happen to the property in the longer term. Your property lawyer will help with this. The issue will be persuading the lenders to give the mortgage to both of you, and this will be income based. Banks have to ensure that the borrowing is affordable, and will need her incme to be taken into account.

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