If you’re looking to enter the property market in Geelong, doing it with someone else or others can make the process more affordable and even more enjoyable. We can certainly help source co-ownership loans for you, but before you dive into purchasing a co-owned property, there are some things you should first consider.
What if I want to sell my portion in the future? Am I able to?
Absolutely – you are well within your rights to sell your portion of the property. Common courtesy would be to ask your co-owners first and foremost if they would like to buy your share in the property. If they don’t want to or can’t afford to buy your part of the loan, or if you can’t agree on a price, then you can sell your portion to a new co-owner who would take over your share in the property. If you’re struggling to make re-payments, you could consider renting your room or the property out to cover your share of the mortgage. Make sure you discuss your situation and all options with your co-owners.
I don’t necessarily want to live in a co-owned property, it’s more for investment purposes. Do I have to live there?
You don’t have to live there! You can enter into a co-ownership loan purely as an investment. In fact, around 30 percent of co-owned properties are investments.
What happens with first-home buyers grants when you buy a property via co-ownership loans?
You can only take advantage of the first-home buyers grant if none of the co-owners have already claimed it – so all co-owners must be eligible. However, if all co-owners are eligible but you are purchasing a property as investment, you can not take advantage of the first-home buyers grant as it is not allowed to be used on investment properties.
Smart tip:
The best advice we can give people who co-own property is simple: be open and honest. Your co-owners might feel the same way as you or be willing to buy your share so that they potentially become full owners of the property.
If you still have questions about co-ownership property loans in Geelong, please don’t hesitate to contact us. We specialise in sourcing the right loan so you can own your own home or investment property.