‘Think outside the square’: Single mums join forces to buy first home

Two Auckland mums who bought their first property together say getting into the market is tough and are urging first home-buyers to think outside the square.

As working professionals with three pre-teen children between them, Kelly Raynard and Leisha Holliday were each approved to borrow around $700,000. But with Auckland’s median property sale price now $1.148 million (according to REINZ May figures), the pair, who wanted to buy in east Auckland, realised this amount was unlikely to buy a home they wanted.

But if they combined deposits and incomes, they could afford to borrow more. One a single-mum who had rented all her adult life, the other making a new start after her marriage ended, the friends found themselves heading down the same path.

“We’ve been great friends for 15 years and our kids have grown up together… we knew we could make it work,” Holliday explained.

Working with a mortgage broker, they were jointly approved to borrow $1 million. But the application process wasn’t easy, as banks found it difficult to digest their situation.

“It didn’t seem like this was common and therefore banks viewed it as different and therefore risky… hopefully this is the beginning of a change,” Holliday said.