Buying a property with a mate: Is it for you?

Buying a first home together with friends is increasingly common but there are a few things you need to think about first.

The government is making it easier for mates buying together to jointly apply for the First Home Guarantee Scheme.

Perhaps you cannot afford a first property, but if you combined your funds with a mate it might be possible.

In today’s podcast, a question from a 21-year-old listener who wants to buy in partnership with a friend, gets the thumbs up.

Collectively acquiring a property cuts the costs for those involved and legal agreements can be made to outline the terms of the financial relationship. As we discover, the challenge is not buying the house together but ensuring the relationship can terminate successfully without quarrels or legal disputes.

Either way, “collective buying” of property has become well established – and not just for families but among circles of friends. In fact, the government has recently acknowledged the change when it moved to make it easier for mates buying together to make “joint” applications for the popular First Home Guarantee Scheme.

Who is the guest?

Ray White group chief economist Nerida Conisbee.

Why her?

She is a specialist real estate economist with deep experience in the residential market.

What are the topics this time?

THE most promising region for investors nationwide;

WHAT would a market with “rent controls” look like?

MIXED data on whether home prices are softening;

BUYING properties in partnership with others.

Question of the week

Regular listener Nathan writes: “I’m 21 years-old, saving at home on Brisbane’s southside and I am watching local house prices begin to skyrocket (cheapest homes are around $750K). I wonder that even once I have enough for a 20 per cent deposit, my wage would never be able to support a mortgage of that size (especially after the costs of everyday life).

My question is this: What are your thoughts on buying property to live in with a mate?”

Questions always welcome to the podcast, via [e-mail]