Why consider a joint purchase?

• Boost borrowing power: Teaming up means combining your incomes, which can give you a much stronger borrowing capacity and make it easier to snag a home loan with better terms.

• Improve your budget: Joining forces can open up options for locations or properties that might have been out of reach if you were buying solo. Plus, splitting costs makes it all more affordable and easier to manage.

• Combine savings: When everyone chips in, you’ll hit that deposit target much faster. This may allow you to enter the market sooner and take advantage of Australia's fast-growing property market.

• Share the load: Buying a home is a big step, but doing it with friends means you’ve got backup for both decisions and responsibilities. It’s always nice to have a team in your corner.

• Take advantage of first home Perks: As long as everyone meets the criteria, you could qualify for awesome benefits like the First Home Owner Grant (FHOG) or stamp duty discounts.

Legal Structures

If you’re buying a property with others, you’ll need to figure out how you want to split ownership. There are two main ways to go about it:

Joint Tenants:

• Everyone owns an equal share of the property, no matter how much each person contributed financially.

• If one of you passes away, their share automatically goes to the remaining owners (this is called the right of survivorship).

• This setup is generally common for couples or close family members.

Tenants in Common:

• Ownership doesn’t have to be equal; you can divide it based on how much each person contributes (like 50/50, 60/40, or any other split).

• You can leave your share to someone else in your will.

• This option is great for friends or business partners who might have different financial stakes or future plans.

Before deciding, it’s a good idea to chat with a legal expert to make sure you pick the setup that works best for your situation.

What to keep in mind

• Pick the right people: Make sure everyone you’re buying with is on the same page when it comes to goals, finances, and plans for the property. Honest and open communication is a must to avoid issues later on.

• Get It in writing: A co-ownership agreement is your safety net. It spells out everyone’s responsibilities, financial contributions, and plans for things like selling or managing the property. It’s better to have it and not need it than the other way around!

• Plan ahead: Life happens—people’s circumstances can change. Talk about what you’ll do if someone wants to sell their share, leave the agreement, or can’t keep up with payments. Having a plan in place now will save headaches later.

• Know the costs: Sharing a property means splitting the mortgage, maintenance, and other bills. Be super clear about who’s covering what to avoid any confusion or arguments.

• Get expert help: Don’t try to figure it all out on your own. A legal, financial, or property expert can help you navigate the nitty-gritty and make sure everyone’s interests are protected.\

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Co-homeownership is a smart and budget-friendly way to get into the property market, especially if you’re feeling priced out on your own. If you'd like to explore co-ownership, complete our pre-qualifier now.

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