If you and someone you know both want to enter the property market at the same time, it can make sense to co-own a home together! Mortgage Mates can be a useful resource for those who want to buy a house with someone they know, but want to do so in a safe and secure way.
What if I want to buy with someone I know?
Mortgage Mates was developed to support co-owners who currently have no one to own with, to find a Mate and own together.
However, we also want to champion safe ownership for all Australians so wanted to provide information on how we can support you as existing Mates, to own a home together!
Existing Mates- or traditional co-owners might include partners (married or unmarried), friends or family members (parents/siblings/cousins etc).
Everyone that buys a home with another person is actually co-owning a home and would be considered a traditional co-owner!
How can you help me buy with someone I know?
There are a number of ways we can help you take to safely own a home with your existing Mate:
- The most important thing to consider when buying with someone you know is do you want the same things from your property? Do you both want to invest or live in the property and are you agreeable on where to buy and how much to spend?
- Have the hard conversations first, such as how much you want to spend, how long you want to own for and what kind of co-ownership agreement you want to use. You may think you know what the other person wants, but check, check and check again!
- To make sure you are on the same page- sign up to Mortgage Mates and check that you and your Mate match with each other! Our algorithm can show you the parts you do agree on, and any areas where your wants and needs are different.
- Discuss the use of a co-ownership agreement early on. Some people feel uncomfortable asking their partner to do a ‘property prenup’ but the document is a bit like an insurance agreement, only needed IF something goes wrong.
- Use our What to do Next page to find a lawyer or legal agreement to use with your co-owner. Whether you are buying with someone you have known for many years, or someone you have a new relationship with, protecting your assets is VERY important and should be a priority for every co-owner.
Why use Mortgage Mates?
Sadly 132 marriages currently end in divorce every day in Australia and for the most part they don’t come with much protection.
We also know that for many people who buy with someone they know, they don’t have the hard conversations early on, meaning they compromise on what they want, leading to difficulties in the future. By using our website we make everything easier, simpler and clearer for both parties!
- By using our platform to co-own safely, you can feel confident that your assets are fully protected. Use our Information Centre to get access to free guides and manuals on co-owning, our What to do Next page to find providers who can help you buy together and our matching algorithm to make sure your wants and needs align in the areas that matter.