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When purchasing a property with another person or group, one of the first decisions you’ll need to make is how the ownership will be structured.

The two most common arrangements are Joint Tenancy and Tenancy in Common. Both structures have distinct legal and practical implications, so it’s essential to understand the differences before making a choice. Here’s a breakdown to help you decide which structure suits your situation best.

Before you make a commitment to buy a property with other people – spouse, siblings, friends, parents, here are some things to keep in mind, including:
– Ownership
– Contribution For The Purchase
– Goals, Transparency & Exit Strategy
– Loan Repayments, Account Keeping & Credit History
– Mortgage Repayments, Ongoing Costs & General Maintenance

In Australia, home loan interest is calculated daily based on (Home Loan Balance – Offset Account Balance) x Interest Rate/365 … even in leap years!

The bank will add together the daily interest charges for each day and charge it once a month. E.g. June’s interest will be based on 30 days, July’s interest will be based 31 days, and so on. Hence July’s interest charges will be higher due to the extra day.

Offset accounts and redraw facilities are valuable tools for managing your mortgage, offering distinct benefits suited to different financial priorities. Understanding the differences between these features empowers you to make informed decisions that align with your long-term goals. Whether you opt for an offset account or a redraw facility, both can contribute to saving on interest costs and achieving financial security.

In the competitive landscape of Sydney real estate, navigating the path to finding your dream property can often seem overwhelming.

With the guidance of a good buyer’s agent, this journey can be more manageable, shorter and more rewarding thanks to their expertise, connections and access to “off-market” deals or opportunities you may not have.

This video walks you through what a buyer’s agent does, and how they can help you research, source, negotiate and close property deals quicker and at times cheaper than you would otherwise be able to do on your own. And in turn what you should look for in a good buyer’s agent.