If you were thinking of entering the property market in the next year or two, you may be wondering how this will work now, thanks to all things Covid-19. Depending on your current location and situation, the landscape may have started to shift quite significantly for you and you may feel less in control than you wanted to when it comes to all things housing.
However just because things may have changed for you, does not mean you can’t still plan to look for your first home over the coming months. What it may mean is the way you buy, the type you buy or the place you buy in may be slightly different.
If Covid-19 has taught us anything, it is that we can move and pivot much quicker than we probably imagined, and so whilst other things may be a bit further away from you at the moment, your home ownership journey doesn’t have to be.
If you are currently experiencing lock down, or, your savings have reduced because of a change in employment why not consider co-owning? Co-owning exists in many forms and there are a number of ways you can own with other people now in Australia.
Mortgage Mates specialises in our Mates being able to own a home with another person, so you can co-live together as well as create equity using property as an investment.
This may sound a little bit odd at first. Why would you live with a stranger and buy a house with them? But the way we see it, so many of us already do share our homes (hands up if you have shared a dorm room with others, rented a room in a property or lived in a share house?) This is the exact same premise as Mortgage Mates except YOU GET TO OWN A HOME!
We often think owning a home with some one else can only come when we find a partner, but at Mortgage Mates we think we can apply the same logic to buying with others. As long as you protect your legal interests (which we will absolutely help you with) it is a safer, quicker and easier way to enter the housing market.
Whilst Covid-19 and the future as it may look for a while, pans out, you can use our website to start planning your housing journey. If you are interested in co-owning either to live in, or invest, all you need to do is sign up to the website. This means that you can start the co-ownership process whilst lock down is still in progress! It also means when we start heading back to normality you will be one stop closer to owning a home.
By buying with a Mate, you are also reducing the amount of deposit you need and the amount a mortgage repayment will cost. If you were originally looking at a 500k property before the pandemic, by buying with another person you would only need the deposit for a 250k property and the weekly costs (mortgage bills and outgoings) will be split in half! This makes home ownership much more achievable than it may have been without a co-owner.
If you aren’t sure about signing up to the website you can also chose to like us on Facebook or sign up to our subscription service, both of these options are still moving you forward to owning a home but are a smaller jump than becoming a Mate straight away.
We know buying with another person may not be what you had planned, but before Covid-19 came in to play many of us didn’t think we would be able to work from home, or do yoga online, so why not buy a house with a Mate and prove even in a pandemic, home ownership is absolutely achievable!