step 1

Know who pays for what

Buying a home is probably the biggest financial commitment you’ll ever make, so hopefully we don’t have to tell you to choose your property purchasing partner wisely. Someone who you know honours their financial commitments, and who is aware that buying a home comes with a lot of ongoing costs that aren’t an issue when renting.

To make sure you’re both in a position to manage your money accordingly throughout the buying process and beyond, use our handy savings goal calculator to help you save for your deposit, and plan your budget for the next 12 months.

step 2

Set ground rules

When you agree to buy a place with a friend or family member, it can be easy to get caught up in the excitement and optimism, but the reality is, you both need protection in the form of a co-ownership agreement.

This is a legal document that sets out your commitment and expectations of each other from day one, and should outline what steps are to be taken in the event of a falling out, or if one of you encounters financial difficulty.

step 3

Get the right finance

It’s possible that you and your buying partner will do your banking through separate financial institutions, but when it comes to getting a loan for your new home, this will need to be done through one provider.

Make sure you carefully consider your options, and do some home loan comparison now to avoid heartache down the track.

  1. Home Loan Selector

    If you’ve never gone through the home loan application process before, you may not know the relevant questions to ask to determine the right loan to suit your needs. Luckily, our handy Home Loan Selector can help. Give it a try below.

    Get started

  2. Home Loan Comparison

    If you’re narrowing your search, and want to know the long term impacts of different home loans with different mortgage interest rates, our Home Loan Comparison calculator can help with a few clicks.

    Get Started

step 4

Cover yourselves

Now that you and your property BFF have agreed to buy together, it might be time to consider your level of personal insurance. After all, you’ll soon be responsible for meeting higher financial commitments than you’re used to.

Getting the right Home & Contents Insurance to cover your new acquisition is a good place to start. If you’ve never looked into it before, maybe take the time to consider some Income Protection Insurance and/or Life Insurance.

Speaking to a Financial Planner is a great place to start.

step 5

Title arrangements

Now, before you crack the champagne and start living it up in your brand new home, both you and your buying partner might want to get some legal advice on the title for your property.

This will mean that in the event of a death, illness or disagreement, you’ll avoid complications.

  1. Joint tenants

    If either you or your buying partner were to pass away, the property is transferred to the co-owner, regardless of what is dictated in the will of the deceased.

  2. Tenants in common

    In the event of a co-owner passing away, the property rights of the deceased will pass to whoever is nominated in the will.

Enquire About A Home Loan

If you are after some more information, a loan pre-approval or are ready to apply for a home loan, start a conversation with a Greater Bank lending expert today to help you get what you want sooner.