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Friend Co-Purchase

Buying a Home With a Friend in Australia: Co-Ownership Made Workable

Mortgagefy Broker Team · Published · Last reviewed

Two friends combining to buy property is increasingly common as Sydney prices climb. Done right with proper agreement, it works. Mortgagefy helps structure it.

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Who this guide is for

Australians wanting to buy property with a friend (not partner) — pooling deposits and incomes for affordability or investment.

The local picture

Friend co-purchases are unusual for major banks. Joint and several liability on the loan creates risk if one friend's circumstances change. Without proper deed, exits get messy.

How Mortgagefy helps locally

Mortgagefy works with friend co-purchases. We identify lenders comfortable with non-couple joint applications and refer to family lawyers for proper co-ownership deed.

Free advice.

How it works — 4 simple steps

1

Free chat with both friends

20-minute call with both parties about the structure.

2

Compare lender options

We identify lenders comfortable with friend co-purchases.

3

Application + co-ownership deed

We coordinate the loan and refer to family lawyers for the deed.

4

Move in together

Both friends move in with structure in place.

Frequently asked questions

Can two friends really go on the same home loan?

Yes — though some lenders find friend co-purchases harder than couple co-purchases. Joint and several liability means each is fully liable if the other defaults.

How is ownership split?

Per the co-ownership deed — typically proportional to deposit and ongoing payments. Tenants in common (specific shares) is preferred over joint tenancy for non-couples.

What happens if my friend wants to sell?

Deed should specify exit mechanism — buy-out by remaining friend at agreed valuation, or forced sale. Without deed, exits messy.

Can we both use FHB Guarantee for our combined first home?

Generally no — FHB Guarantee is per couple (or single). Two unrelated friends usually can't both claim FHB Guarantee.

Are halal home loans available for friend co-purchases?

Diminishing Musharakah structure naturally fits multi-party co-ownership. Some Australian Islamic providers can structure for two friends.

Talk to us about friend co-purchase

Free 20-minute call with both friends.

Start Your Free Assessment Call 0432 634 648

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