Dreaming of owning your own home but feeling held back by limited savings and high repayments?
Property Share could be the solution! This innovative approach allows you to buy a property with friends or family members, share the costs, and keep your finances separate.
So, what exactly is Property Share? Here’s a simple analogy: Imagine you and your sibling want to buy a big Lego set. Buying it alone would drain your savings. Instead, you both contribute a portion, sharing the cost and enjoying the set together—without breaking the bank.
Property Share works similarly! Each person pays for a portion of the property with their own funds and is responsible for their own loan. You aren’t liable for each other’s loan, but you both benefit from the property ownership and potential capital growth—while preserving your savings. In fact, almost 47%* of Australians are considering this approach, whether for a home to live in or as an investment.
Still a bit unclear? Let’s me give you some numbers:
Say Ben and Alex are siblings, wanting to buy a $800,000 property with a $640,000 loan (80% Loan-to-Value Ratio). With help from Triple M Finance, they can each take out a $320,000 loan (i.e. 50% share of the loan amount), while acting as guarantors for each other.
Borrower One: Ben
Loan Amount: $320,000
Guarantor: Alex
Borrower Two: Alex
Loan Amount: $320,000
Guarantor: Ben
In this case, Ben and Alex support each other as guarantors, allowing them to co- invest in the property with more flexibility and affordability. Sounds interesting, right? Ready to explore co-investing with friends or family? Contact Triple M Finance today! We partner with over 40 lenders to find the best loan options and support you through every step of your journey.
* Research was undertaken online by YouGov between 26 – 29 February 2024 with a nationally representative sample of 1,081 Australians aged 18 years and older. Following the completion of interviewing, the data was weighted by age, gender and region to reflect the latest ABS population estimates.