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Property co-ownership


Property co-ownership: Opening the door to the Aussie housing market.

Getting into the property market can be tough, especially if you’re relying on one income. But have you thought about buying a home with a friend or family member? Find out more about the pros and cons of property co-ownership.

What do you mean by property co-ownership?

Good question! Co-ownership of property is when two or more people own a home together. It’s a really popular option with 4 out of 5 Aussies buying a home with someone else. Most people buy a home with their partner, but you can also have joint ownership of a property with a sister, brother, bestie or parent.

What are the types of joint property ownership in Australia?

There’s two main ways you can have shared ownership of a property - tenants in common and joint tenancy – and the main difference between each option is what happens when one owner dies. It’s something you probably don’t want to think about just yet, but it’s an important decision to make.

  • If you’re tenants in common, you own a percentage of the property and can transfer your share to whomever you like in your will.
  • Joint tenancy gives you equal ownership of the property and your share is passed to the surviving owner/s.

To find out more about these options, chat with a conveyancer or property lawyer.

What are the advantages of property co-ownership?

Buying a home is super exciting. Here’s some of the perks when doing it with someone else.

  • You can split the upfront costs, meaning you don’t have to fork out the full amount for a home loan deposit or stamp duty.
  • With a bigger budget, you might be able to afford a better property. Movin’ on up!
  • You can also share the costs of running a home. This means those pesky council rates, insurance and power bills could be split 50-50, giving you extra cash to splash on whatever you like.

What are the disadvantages of property co-ownership?

Be realistic and make sure you're considering any disadvantages.

  • You might find that with either joint tenancy or tenants in common, disputes and disagreements happen.
  • If you don’t see eye-to-eye on what you want in a property, like the number of bedrooms, it might not work out.
  • Once you’ve bought the property, you both have to agree on things like renos and when to sell.

The legal stuff

Co-ownership of property agreements can help to clarify how much of the property you own, what happens if a co-owner can’t make their repayments and how any of you can take full ownership. They may also prevent disputes from arising. Chat to a property lawyer to find out what’s involved in setting one up.

How many owners can a property have? And how to buy a house with multiple owners.

At UBank, we accept up to two people on our home loan applications, so pick wisely! Once you’ve found your dream home, it’s business as usual. Just apply and fill out a home loan application like you normally would*. To find out how you could speed up the process, click here.

Getting into the property market is a major life goal, so make sure you’re ready to co-own a home. If you’ve got your savings sorted and someone to buy with, go for it!


*All applications for credit are subject to our usual credit assessment criteria.

The information contained in this article is of a general nature only. It doesn’t take account of any person’s objectives, financial situation or needs. Before acting on this information, you should consider whether it is appropriate for your circumstances and seek independent legal, financial, and taxation advice.