Buying with a significant other – what you should know

With interest rates settling down, now is a great time to get onto the property ladder.

Of course we still see property prices climbing and the average dwelling prices in all our major cities not dropping backward for some, buying with a significant other – be it a spouse, partner, family member or friend – may be the only successful way onto the property ladder.

Purchasing a property with someone else, like a life partner, spouse, family member or friend, has been a popular and viable way for many Australians to enter the property market.

Purchasing with someone else often makes property ownership more affordable. It can be a strategy that enables potential buyers to pool their money for a deposit and utilise their borrowing power to get a loan. As co-owners can split the cost of the property and all the associated expenses, so that repayments are noticeably less than what you’d pay if you were buying solo.

Whether you're buying with your partner or someone else, owning property is a big deal. With the right setup, it can be a rewarding and profitable experience. Over time, you might even make a tidy profit that you can use to buy your next property.

This weeks show looks over the main things to be considered before jumping in head first.