It can be hard to break into the property market in Australia. This is one reason why more people are deciding to buy property with their siblings, rather than alone. There are several benefits to this, as well as a few extra complications.
Why people buy property with their siblings
There are a few reasons why people make the decision to team up with their siblings to buy a property. It can make it easier to get into the property market. Or it might allow them to buy in a better area, or to purchase a better property. Or it may allow them to purchase a much larger property.
Simply put, buying property together, allows siblings to pool their resources. You wouldn’t be alone, if you thought this sounded like a great option. But it isn’t without its complications.
The complications of buying with your siblings
In addition, there are extra complications with getting a home loan in this situation.
Both you, and your sibling, or siblings, will have to be assessed by the lender. This assessment may even include your siblings’ partners. In order to be approved, everyone included in the loan will have to meet lender criteria – not just you.
As it can be tricky enough for just one person to meet complex lender criteria, it becomes even more tricky when trying to make sure that two or three siblings, and possibly their partners, meet the criteria. It’s vital to make sure that everyone meets the criteria before lodging an application. If your application is declined, it can be much harder to get approved with another lender.
Getting it right the first time
Is there a simple way to get it all right the first time around? Absolutely! The help of an experienced mortgage broker can make all the difference. At Bee Finance Savvy, we have years of experience helping families buy property together. Our understanding of lender rules and criteria allows us to match our clients with the lenders right for them.
If you’d like an obligation free consultation to help take the stress out of buying property with your siblings, get in touch with our friendly broker Desiree now. You can call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at firstname.lastname@example.org . You can also fill out the contact us form on this site.
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