crackrdbycracku:kiwitrc: Maybe people just need to think outside the square a bit more. My two daughters and one of their boyfriends chipped in together and bought a great 4 br house between them as their foot in the door. One daughter lives overseas currently the other two live in the house and rent out the spare rooms. Basically run it as a flat and it is costing them less than flatting.
Mate and me did the exact same thing many years ago when we wanted a house, and we were paying 23% interest on the loan, not 6% like my kids are.
I might be wrong about this but my understanding was that banks were not as keen as they once were on this type of arrangement. I think it is a good idea but I can also see the banks point of view in that if the flatmates move out and you can't cover the mortgage payments then they carry the can.
Yeah, you are wrong. They had to fight the banks off (settled on NZHL btw, amazing outfit). Also dont forget there are 3 salaries backing this up, the rents are cream.