27 Jul 12
More young Australians are now combining funds to buy a home jointly, enabling them to take the first step towards owning their own home when they would otherwise be locked out of the market
Co ownership basically involves two or more people such as friends, family or business associates pooling funds and sharing the ownership of a property and for those choosing to buy a home this way must take important steps to make sure any pitfalls are avoided and that the process works for all parties. Make sure when entering into this type of arrangement it is with someone you can trust and who is reliable. You should seek legal advice and have an agreement in place before purchasing your investment.
A great advantage of co ownership is that the combined borrowing capacity is larger than you would have on your own. A number of lenders are promoting this type of lending and usually have a loan structure that is suited to “co-ownership” borrowing. Some lenders also allow the loan to be structured so that while all borrowers are still responsible for the whole debt the loan can be split so each party can make separate repayments to cover their share.
Take a look on our website www.lagunarealestate.com.au as now is certainly the right time to seriously consider getting into the property market with plenty of bargains waiting to be snapped up, so whether you are considering purchasing an investment on your own or with a friend or family member, contact one of our experienced sales team who are available to advise on how best to get into the property market.
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