Buy With A Little Help From Your Friends
Buying property with family or friends is a viable option for many Australians.
It is popular with investors, first home buyers not in a stable relationship, and people entering into second marriages with children from a previous union.
There are several advantages to buying property as tenants-in-common.
Lenders may allow you to finance each buyer’s share of the property separately. This can be handy in not obligating you to pay another tenant’s mortgage and vice versa.
The property price and all purchasing costs - including loan application fees, stamp duty and other taxes - are shared amongst all the buyers.
Similarly, loan repayments and other ongoing expenses like maintenance and upkeep are less of an individual burden when shared.
Each tenant-in-common can also sell their share or leave it to whomever they choose.
Mortgage professionals can help you find the right finance solution for your tenants-in-common property purchase.
As not all lenders support this kind of arrangement, they can find the ones that do and do a home loan comparison which will allow you to match a loan structure to your needs.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.