Author // Rachel Avery for Place Newmarket
Trying to break into the property market is difficult and many young people are looking at alternative ways to purchase their first property.
Nathan and Jordan Greaves were faced with this problem three years ago, when they decided to combine their savings accounts and purchase a three-bedroom property together.
We caught up with the brothers to discuss how they’ve found sharing a mortgage with their sibling.
How did you go about deciding to buy a property together?
Buying a property has always been something we’ve both wanted to do, ever since we were kids.
Mum always taught us to save as much as we could so that we could afford to buy a house as adults and pay off our own mortgage – not someone else’s.
It was a great habit to form at such a young age.
We were both working in inner Brisbane and commuting from Caboolture was becoming exhausting.
We didn’t have enough saved to buy a house each, but with our money pooled, we could afford a deposit for somewhere liveable that was much closer to the city than Caboolture!
Have there been any disagreements and how have you worked through them?
Naturally, there have been a few.
Most of the disagreements are to do with the future of the property, because neither of us intends to live there forever – we both want to move out with our partners eventually and purchase our own properties outright.
But going into this investment 50/50 means we’re both equal and our opinions carry equal weight.
Until we can come to an agreement, we’re going to continue to live together in the property and make a few more renovations. We’re in no hurry to move.
What advice would you give someone thinking of investing with siblings or family members?
The biggest piece of advice would be to make sure you get along well with your sibling or family member.
Buying a property is the biggest financial commitment you can make and if you don’t get along or you don’t communicate well, you’re in for a difficult time.
Thankfully, we both get along well and enjoy each other’s company – that’s what has made it so easy for us.
We’d also recommend going in 50/50, as it keeps things fair and even.
You should also have an idea of where you want to go with the property in the future - is it an investment? Are you both going to live there? What happens if one of you wants to move out?
These are all important questions to discuss prior to purchasing a property.
Ultimately though, it's been great for both of us to get our foot in the door of the housing market.