AUSTRALIANS who have a love for property and a desire to enter the market sooner may benefit from partnering up with another to purchase, according to Australia’s largest independently-operated mortgage broker, Mortgage Choice.
Bucking the trend of traditional shared ownership, de-facto couples, friends, relatives and work colleagues are joining financial forces to buy their first property in co-ownership with one another.
Mortgage Choice spokesperson Belinda Williamson said, “Buying property with someone you trust in a co-ownership agreement can help ease the challenge of applying for, and repaying a home loan”.
“It may also enable first timers to enter the market sooner and to take advantage of low interest rates and a wide range of competitive home loan deals,” she said.
“Sharing a home loan commitment with one or more people provides borrowers with the opportunity to split the cost of the property and the associated expenses, so loan repayments are noticeably less than what they would be if they were buying solo.
For the full report, see the print issue of this week's YP Country Times.