Co-ownership home loans in Geelong allow you to invest in real estate without taking all the risk on your own shoulders.
And that’s an attractive proposition for many people who want to enter the property market but just can’t manage to wedge their foot in the door. The co-ownership approach is gathering pace across Australia, with parents joining forces with their kids to help them secure a home to live in or friends pooling resources to buy the perfect property.
When it comes to co-ownership home loans, it’s interesting to note that almost one third of all such loans are taken out by investors. People can use the co-ownership method to slowly begin building their real-estate portfolio, with the greater buying power allowing people to invest in better property in popular locations.
But before you join forces with others and launch yourself onto the property market together, you need to lay the ground rules to prevent problems arising down the track. And that means getting a legal expert to draw up a detailed co-ownership agreement for all parties to sign.
The agreement, which outlines the obligations and rights of those with a share in the jointly-owned property, will help in the event that someone wants to sell their share by setting out an agreed-on approach to the sale. These are all conversations you need to have before you sign your name to co-ownership home loans in Geelong. Spending time to establish a co-ownership agreement is a great investment that can save friendships, time, money and stress down the track.
It’s also worth noting that to take advantage of the First Home Owners Grant, all co-owners must fit the eligibility criteria. It’s an all-or-nothing approach, and there’s only one grant per property. But don’t forget that this grant is not available for investment property purchases.
When it comes to organising co-ownership home loans Geelong people want the best option for their circumstances. And that’s why people turn to Konnect Financial Services for assistance. Our professional finance brokers can help you navigate the many home loans on offer to find a perfect fit, whether it’s a joint mortgage or another option.
We deal with Australia’s leading lenders and, with hundreds of products on offer, we’ll work hard to tailor one that meets your needs.
If you want to know more about co-ownership home loans in Geelong, please don’t hesitate to contact us at Konnect Financial Services. It’s exciting for clients to start building their real-estate holdings and our knowledgeable team is pleased to play a part in that journey.