rent to buy

hi, i have heard there is a thing you can do in NZ where you rent a property and you have an option to buy at a later time but the rent you pay counts towards the mortgage.

Does anyone know about this?

thanks

Katie

Yeah there are some schemes offering this kind of thing. If I recall correctly tho, the word is BE CAREFUL!! Although the scheme seems great I belive there may have been several cases as dodgy dealings in this area where customers/tennants have lost out badly.
Taffy posted on it a year or so ago, perhaps someone will dig out the thread and link you to it if you're unsuccessful searching on it.

Seems like a really good idea tho if it can be done with reputable companies. Certainly something I'd be interested in.

Yes, I've heard warnings about buying like this, too. I'll try and have a hunt around when I've got a bit of time, as it's always useful to know about these things. There might even have been an article in the papers about it quite a while ago, warning people about being ripped off.