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  • Loan basics, Property
Unlocking your home buying potential: Strategies for when buying with someone not your spouse

Oktay Sengoz

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29/05/2024

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1.5 min read

So, you’ve found the perfect property, but you’re not buying it with your spouse, you are buying with a sibling or a friend. What does this mean for your future financial endeavours? Let’s delve into some savvy solutions.

Maximising joint purchasing power

In a city like Sydney, where the median house price is a hefty $1,627,625, pooling resources with a sibling or a friend can be a game-changer. By combining deposits and incomes, you can secure a property in your desired suburb, often a lifeline for first-time buyers. This arrangement is common among siblings aiming to step onto the property ladder together.

Navigating future financial goals

However, it's crucial to anticipate the implications for future financial plans, especially if you envision purchasing with your spouse down the line. Lenders assess your borrowing capacity based on the full loan amount, even if it's shared, potentially impacting your affordability later on.

Strategic solutions for future financing

We partner with select lenders who split loans into individual names from the outset. This means that when applying for future loans, only your portion will be considered, easing the burden on your borrowing capacity. Our approach prioritises your future needs and objectives. This is particularly beneficial for young couples, ensuring that current decisions align with future aspirations of homeownership together.

Restructuring for future success

Already tied into a joint loan and feeling stuck? Don't fear. We specialise in leveraging lender policies to optimise your borrowing capacity. Whether purchasing with your spouse or solo, we have strategies to help you secure the best outcome.

If your current loan setup doesn't align with your future plans, we offer tailored restructuring solutions. By optimising your finances, we can position you for success in your next property endeavour, whether with your spouse or flying solo. In conclusion, purchasing a property with a sibling can be an excellent entry point into the property market. However, strategic planning and proactive measures are essential to ensure it doesn't hinder your future financial goals.

Ready to unlock your home buying potential? Get in touch with us today!

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