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Author: Helen O'Connor

Buying sooner with strength in numbers

For a lot of young people trying to buy their first home, the idea can seem fairly daunting. The first time you hear them , the costs involved can give you a bit of a shock. On a single income, it can be difficult to see how an individual can break into the market.

But recently, many first time buyers have been taking a leaf from the book of their peers in relationships. A couple on joint incomes is much more likely to buy their first home than an individual, so the idea of pooling resources seems like the best way to become a buyer.

Whether with friends or family members, purchasing property as part of a group will surely help you shorten the time it takes to enter the market, but there are some things you should know before signing anything.


  • Deposit: as there’s more than one of you, you won't have to save as much individually for your down payment.
  • Moving up – By pooling resources, you may also find that the group is able to raise the quality level of the properties being considered for purchase.
  • Transaction costs – your legal fees, stamp duty etc will eat into your back pocket less as the cost will be shared among the group.
  • Mortgage payments – You’ll have a place of your own, and your repayments may be equivalent to renting, as you’re sharing the load.
  • Wear and Tear – any maintenance, repairs and bills can be shared to reduce the impact on your bottom line


  • Bureaucracy – It’s important that you are clear with your buying group on the division of costs, and that you keep detailed records of all payments made by each party, should a disagreement ever arise.
  • One in, all in – If one party is short for their repayments, all parties are short, and everyone is liable. If any cash-flow problems arise for any members of the group, they need to be discussed immediately so a solution can be devised.
  • Abandon ship – If for some reason you want to sell up before the other buyers want to, you may have to find another way to cover your share of the repayments, like arranging a tenant to take your place.

At The Greater, we’ve been helping our customers buy their own home for close to 70 years, and because we understand that buyers come in all shapes, sizes, and numbers, we’re happy to work with groups of family or friends looking to buy their piece of the Australian dream.

We cater to group purchases across our entire range of Home Loans, and we’d love to help you buy your first or next property.

All you need to do is start a conversation with one of our expert lenders online, in branch or over the phone on 1300 651 400.

Alternatively, you can connect with us on Social Media.

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