Property Share: How to buy a Home with a Friend
Have you have wanted to purchase a property with a friend? Ever had issues with borrowing capacity due to previous borrowings with a sibling? Property sharing gives you the flexibility to borrow with family/friend and split the cost of buying whilst retaining control of your individual finances.
Benefits of Property Share
· Great way to get in to the property market and leverage your money with friends or family
· Increase borrowing power compared with borrowing on your own
· Afford the property you want rather than settling for a cheaper option
· Cost effective as costs will be split and each borrow can decide how much they pay off the loan
· Each borrower can utilise a range of features including redraw facilities, mortgage offset accounts and lines of credit.
How to apply for Property Share
· Borrowers must show capacity to repay the loan and borrow in their name
· You’ll guarantee each others’ loans
· You’ll need to seek legal advice and sign a Property Share Declaration
For more details about Property Share, make an appointment with one of our mortgage brokers – Nathan Vecchio 0410 000 689.