New property startup by the name of Miuwi (check it out Miuwi.com) aims to increase home ownership through co-ownership in New Zealand.
Auckland’s housing affordability means many young people are priced out of the market (given the stringent bank deposit requirements) so Miuwi’s founders decided to start an app to match 2 would-be buyers so they can co-own the property together.
Miuwi’s role is to help buyers decide if they match up, complete background credit checks, assist them to get the house they want, draw up the legal documents and connect them with insurance and home loan products.
It helps buyers pool savings to get a deposit together saving years of saving a deposit on their own. All the costs associated with property ownership are shared, so the risk for each party is diluted. Their advisors will help you get a mortgage and their lawyers will sort out the necessary documentation.
The concept is not entirely new. But previously you had to find your own lawyer and adviser broker to sort out the process of buying a property with a friend. Now, Miuwi aims to oversee the entire process and get paid a commission for organising the whole thing.
And you can check it out at miuwi.com