Best mates break into the market with CommBank’s Property Share

Like all best mates, Ben Gannon and Josh LeMaitre have a lot in common. They’re both in their twenties, reside in Melbourne, work as tradesmen, and shared a goal of home ownership but struggled to break into the market.  However, by taking advantage of CommBank’s growing Property Share home loan option, the duo’s aspirations have recently become a reality. They’ve purchased a property together, not far from where they grew up, and are renovating it themselves.

 “It’s pretty nice, we like what we have done so far. Just need to do the kitchen,” Josh told Nine News when speaking about buying a home through Property Share.

Property Share is designed to help Australians realise their home ownership goals sooner, by allowing friends and family to buy a home together, while keeping their finances separate.

Borrowers can independently structure their home loans, including loan amounts, types, terms and repayment structures that best suit their financial situation.

Josh says the flexibility to cover the costs with Ben but keep their finances separate was a game changer.

“We are both single so we thought it is a great opportunity to buy now, obviously take it year from year and just go from there.”

CommBank Senior Home Lending Specialist, Tommy Vu, personally guided the pair and their families through every step of the process.

“I got to meet the parents from both sides, as well as Ben’s sister… everyone wanted to make sure,” said Vu.

Over the last 12 months, CommBank has seen a 30 per cent increase in the number of guarantor arrangements. Vu says the demand for non-traditional pathways to property ownership is growing and Property Share is gaining popularity among younger customers.

“Especially for first home buyers, they have it the hardest. They don’t have the equity, and some have a minimum deposit, so they need the help from these other pathways. Once they are in, they are so appreciative. It makes my day helping them.”

Borrowers using Property Share must seek independent legal advice before entering an arrangement and sign a Statutory Declaration. This ensures that all parties are well-informed and protected.

For Ben and Josh, their journey together has been smooth, thanks to their long-standing friendship.

 “We’ve been mates for a while now so we just kind of trust each other, and so far he hasn’t annoyed me so it’s been good,” Ben joked.

For more information head to: commbank.com.au/home-loans/property-share

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