There is a growing trend to buy property with friends or family. CBA’s policy allows you to pool your money with friends or family to buy your first home, or enter the market as a property investor and we have listed some information below:
Benefits of Property Share
Pool your money with friends or family to buy your first home, or enter the market as a property investor.
You can borrow more funds that you would otherwise be able to afford on your own.
Buy the property you want, rather than settling for a cheaper option.
Split the costs of your home any way you like and let each borrower decide how they want to manage their loan repayments.
Each borrower can access a range of features including redraw facilities, mortgage offset accounts and lines of credit.
You can use Property Share on most home loans and the features and rates of that home loan will apply accordingly.
How to apply for Property Share
Each borrower must be an owner of the property (no third-party guarantors) and show they can repay their portion of the home loan (prove servicing of the loan).
You’ll need to guarantee each other’s loans as security support.
You must seek legal advice and all sign a Property Share Authority Declaration form before entering into a Property Share Agreement.
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This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
Invest Blue Pty Ltd (ABN 91 100 874 744) and Subsidiaries trading as Invest Blue, is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee and Australian Credit Licensee.