FAQs

Contents

  • How will joining My Property Partner help me to buy property?

    My Property Partner provides a safeguarded network of like-minded people who are searching for someone to buy property with – either as a home or as an investment – as a means to enter the real estate market despite the housing affordability crisis. Called, co-ownership or co-buying, sharing the purchase of property with another person is not new, but My Property Partner extends each person’s possibilities beyond their personal network of friends and family. By offering uses the choice of Premium Membership and including Credit and Identity Checks in our registration and membership process it’s the affordable, safe and secure solution for those of us who don’t have someone interested in buying property with us, where we want to buy. You may even want keep your investment and personal life separate from friends and family – whatever your reasons, we just want to give you the ability to get into the property market! 

  • What is property co-ownership or co-investment?

    Co-ownership is a strategy to beat the housing affordability crisis where individuals buy property together under a legal contract. Each party involved in the purchase is known as a co-buyer or co-investor.

    Co-buyers are typically looking for people to buy a house to live in with their other co-buyers. Instead of sharing a flat that they are renting, sometimes people want to be putting the money into an asset rather than their landlords pockets!

    Co-investors on the other hand do not want to live in the property, but want to purchase it as an investment and to rent out the property to tenants to generate income and to pay off the mortage. 

    It’s really that simple and My Property Partner was created to show you how!

  • Why do people co-buy and co-invest?

    Unlike our parents, many of you today are wondering if you ever will be able to afford your own property. Housing has now become so unaffordable in Australia that you are probaly either still living at home, looking to buy in an area that once you never would have considered let alone wanted to live in, or you are facing the prospect of paying off somebody else's mortgage by renting for the rest of your life.

    Rising rents in the most desirable areas are also making housing and investment entirely unaffordable for a generation, especially those of us on single incomes.

    But there is still hope...My Property Partner: our goal is to help you overcome the housing affordability crisis!

    People decide to buy property with other co-buyers they have been introduced to through My Property Partner for a range of reasons. The most common being the financial benefits all parties realise by deciding to split the costs but in return share the potential income and capital gains:

    - increase the total value of the property you can purchase by combing your financial muscle- increase your loan deposit amounts

    - reduce the costs of buying and selling property by sharing the associated costs including the sale price, conveyancing fees, building inspections, agent fees, insurance and stamp duty

    - if you’re buying property as an investment, co-investing allows you to spread your investment with another co-buyer(s) to buy a better property in a better area, and paying it off faster -  resulting in a better investment! 

  • What types of people co-buy and co-invest?

    All types of people decide to co-buy property/co-invest in real estate, including: 

    First-time buyers: by partnering with another buyer(s), first-time property buyers can increase their deposit amount and incomes to get a larger borrowing amount and get their foot on the property ladder. Why continue to suffer under the strain of mortgage stress, continue to live at home, waste your money on rent, or because you’re struggling to put your deposit together by youself? Sharing the task with another co-buyer on My Property Partner will help you beat the rent and housing affordability crisis and allow you to realise your dreams of property ownership sooner. 

    Property investors: people who want to start or build a property investment portfolio can share the cost and responsibility with other co-investors, allowing them to pool their funds and buy a better property in a better location. Real estate is a popular choice for investors, whether they’re seasoned property investors or a first time investor. Real estate prices in Australia continue to increase in value and rental yields remain positive in the right locations. Via utilising the My Property Partner network, members can find and co-invest, allowing buyers to share the risks and costs of property investment with another investor.

    The My Property Partner service is also great for property developers looking to find groups of professional and credible property investors for both residential and commercial real estate opportunities. 

    Holiday home buyers: individuals, couples or families who want to buy a holiday home often decide not to because they can’t afford the burden of an additional mortgage.   By partnering with another person or group of people, you can have your cake and eat it too – enjoying the benefits of a holiday home, with the ability to share the financial responsibilities.

  • How do I find a co-buyer or co-investor?

    Sign up today to join the My Property Partner community.  It’s free to join and allows you to search for your perfect property partner quickly and easily in a safe, friendly, and transparent environment.

  • How does My Property Partner work?

    My Property Partner matches like-minded individuals together to beat housing unaffordability and so people like you can be empowered to achieve their property dreams. Once you have worked out your co-ownership and property investment goals, and where you want to buy, the rest is easy! 

    Sign Up: Users sign up, create a free profile and select their property preferences. Once you’ve joined people know you’re in our community, what your property and investment goals are and that you are ready to search for a potential property partner! 

    Search the profiles in the My Property Partner network. It’s free to search and will help you to select the qualities you want in a partner. Our Credit and Identity Checking service provides you and other members with added security, confidence and peace of mind.

    Connect!  Now you’ve you found someone that suits what you’re looking for in a property partner, become a Premium Member so you can message fellow members and enjoy unlimited discussions with them. Once a successful My Property Partner match has been created, you can begin your search for your ideal property and may choose to enter into a co-ownership agreement with them.

  • Is it safe?

    Yes. My Property Partner’s online social networking community allows you to search other potential co-ownership partners anonymously and never gives out your personal details. We include Credit and Identity Checks in our registration process to offer you peace of mind and confidence in searching for your potential property partner in our membership base. As a Premium Member you can then decide who you want to safely contact on the My Property Partner network, and when you feel the time is right you can take your communication offline and share your details should you wish to discuss your potential property partnership. My Property Partner recommends that when you do decide to meet a potential property partner that you do so in a public place and you both take along a friend. 

  • What do I do once I’ve found a property partner?

    Congratulations! You have achieved the first step in beating the housing affordability crisis. Now that you've found a co-ownership partner to share your property dreams, you will need to draw up a co-ownership agreement. My Property Partner will offer a standard downloadable agreement in the future, but in the meantime we suggest you seek the advice of a qalified property lawyer or solictor to assist you with this process - please contact us at info@mypropertypartner.com.au for assistance with experts that understand. Now the fun part starts and you can begin your search for the property of your dreams!

  • How can I be sure that I’m covered legally?

    The co-ownership agreement is a legally binding contract.  In it, you and your property partner will define and agree to the terms of you co-ownership relationship.

    A co-ownership agreement is a legally binding document which records the intentions and purposes of the co-buyers or co-investors and the background to the property being purchased. A co-ownershipagreement helps to protect all co-buyers or co-investors interests in the event that relations between the parties should sour or to outline the overall financial arrangement of all co-buyers or co-investors. It covers many areas such as investment amounts of the different parties, responsibilities, authority, etc.

    A co-ownership agreement stipulates the shareholding each co-buyer or co-investor has within the property. That shareholding can be either equal or unequal depending upon the agreement that is reached between the co-buyers or co-investors. If the property is co-owned in this way and one co-buyer dies the deceased co-buyers share will pass in accordance with the terms of that persons Will or under the rules of intestacy if no will has been made. Because the property is co-owned it is prudent to specify how the proceeds of any sale would be divided and that no co-buyer has the authority to sell without agreement from the other co-buyers.

    Make sure you discuss your individual objectives, and agree on exit strategies and mutual responsibilities so you are happy with its contents before proceeding. We suggest you seek the advice of a lawyer or a solicitor to assist you with this process - please contact us at info@mypropertypartner.com.au should you need a referal.

  • What if one of us decides to end our co-buying or co-investing partnership?

    Standard co-ownership agreements deal with what happens if one of you wants to sell their share in the property. We suggest you seek the advice of a property legal professional to assist you with this process - please contact us at info@mypropertypartner.com.au should you need assistance from our trusted experts that understand. The following options are available to you:
    • Let someone else move in and pay your share of the mortgage. This way, you keep your share in your home and can move back in at some point in the future.
    • Your co-buyers can buy you out. You can discuss your intentions with your co-buyers and ask them if they would like to purchase your share in your property. You can negotiate the price with them directly and once you reach an agreement, sell your share.
    • You can alert others that you wish to sell your share on My Property Partner and sell to other members in the My property Partner network.
    • Find someone else who wants to buy your share in the property. Maybe one of your co-buyers or co-investors has a friend who'd like to take your place. If so, discuss it with your co-buyers, make an offer and if it's accepted, your legal representation can take care of the rest.
    • You can all sell the property together. Discuss your intentions with your co-buyers or co-investors; they might want to move on as well.

  • What if I’m a First Home Buyer?

    There are different financial assistance packages available for first home buyers depending on which state you live in. You’ll need to check with your local state government. 

    In addition the Federal Government currently offers a $14,000 grant to first time buyers who buy established property, with the figure increased to $21,000 if you build a new home. 

    To receive the Federal Government’s First Home Owners Grant (FHOG) all co-buyers must meet the eligibility criteria to qualify for the grant. Under the conditions set out by the grant at this time, co-buyers and only eligible to receive one grant between them.

    For more information on the FHOG please see the offcial Federal Government website: 

    http://www.firsthome.gov.au/

    For more infomration on state home owners grants:

    NSW

    http://www.osr.nsw.gov.au/

    Victoria

    http://www.sro.vic.gov.au/

    ACT

    http://www.revenue.act.gov.au/

    QLD

     http://www.osr.qld.gov.au/fhog/first-home-owner-grant/index.shtml

    SA

     http://www.revenuesa.sa.gov.au/

    WA

     http://www.dtf.wa.gov.au/cms/osr_index.asp

    Tas

    http://www.treasury.tas.gov.au/domino/dtf/dtf.nsf/v-fhog/home

    NT

    http://www.nt.gov.au/ntt/revenue/

  • Tell me about the Credit and Identity Check process?

    As part of our assessment of the registration of users and applications for Premium Membership, My Property Partner utlises a public record Credit and Indentity Check from a consumer credit reporting agency as part of this process. Via users and members volunteering to be submitted to this process during application and registration, the individual is checked against all associated public record information including Judgment, Summons, bankruptcy, Directorship, Bills of Sale, Crop Liens and other public record notices up untill the time of the Credit Checking application in line with Privacy Act. 

    This process gives our users and members further peace of mind and builds more confidence in the knowledge that they are dealing with other users and members who have consented to be financially screened based on publically available information. This process may potentially assist in reducing credit and investment risk when considering to enter into a future agreement to co-buying a property with a potential property partner.  

    Please be aware that Credit Checks are only valid at the time of processing in the assessment of application for registration and Premium Membership, and and are based on publicly available information only. Should you and your property partner(s) progress to buying a property, your credit provider will then at the time of your application for financing assess your credit history with a consumer credit reporting agency and verfiy your full credit status before proceeding with financing.

  • Will I be able to on-sell my share should I need to?

    Yes, you have the option to alert other users that you would like to sell a share in your property on the My Property Partner website! Depending on the type of terms of agreement you enter into, the existing shareholders may be given the first option to buy the share at its market value. If no-one wants to buy it, the share can then be placed on the open market. There will be some legal costs associated with transferring ownership of the share. We suggest co-owners also insert an exit clause in their terms of agreement: this means that, after a certain number of years, the shareholders can vote to sell the property and disperse the funds.

  • How many co-owners/co-investors can be in a shared property partnership?

    It really is up to the partners, the scale of your investment, and your level of commitment and organisation, but we suggest no more than 12-15 co-ownership or co-investment partners: any more and the ownership and management situation may become difficult.  

  • Who manages the property and decides how much money each partner spends for maintenance/repairs etc?

    This is determined by your terms of agreement, which you get a say in formulating. It is wise to appoint a solicitor and an accountant to manage the obligations, legal considerations and financials so everyone can agree costs, terms and conditions - please contact us at info@mypropertypartner.com.au should you need a referal to a legal professional.

  • Will my co-ownership share be a good investment?

    Nobody can guarantee the performance of any investment as every decision carries some risk. However property has been a reliable long term investment asset class in any balanced investment portfolio. Co-ownership allows partners to purchase shares in real estate at market value: a crucial component of any good investment. However, in the end, the strength of the investment comes down to your timeframe, your investment objectives and to the property you and your fellow partner(s) purchase - should you need the advice of a financial planner please contact us at info@mypropertypartner.com.au.  

  • What if I do not agree with other partners on the type of property we should buy?

    Every partner in property co-investment needs to be clear on what their investment expectations, needs, wants and property preference and financial objectives are. This should be agreed before you begin to research and bid for properties. You can always head back to the My Property Partner network to find another potential property co-ownership or co-investment partner.

  • How do I evaluate a price for my share should I want to sell it?

    Have the property valued by an accredited real estate valuer and divide that sum by the number of shareholders in your partnership. Add a fee for the projected cost of transferring the share to another party, and you have an approximate sale price for your property. Should you need the experience of a real estate agent or are looking for an independent property valuer, talk to us first at info@mypropertypartner.com.au.

  • What if several shareholders want out of the co-investment partnership?

    Each partner in a co-ownership or co-investment scenario has the opportunity to insert an exit clause in their terms of agreement. This means that, after a certain number of years, the partners can move, on a majority vote, to sell the property and disperse the funds.

  • What if there is a dispute between the shareholders in the co-investment partnership?

    Under the terms of the co-ownership agreement, the individual shareholders agree to try and resolve the dispute using arbitration. Litigation is the last resort to resolving any issue - please contact us at info@mypropertypartner.com.au should you need a referal of legal property professional.

  • What if a partner dies or becomes incapable of managing their affairs?

    Each co-owner has the opportunity to insert a clause into the terms of agreement to allow for the executor, next of kin or guardian of the partners estate to have first rights to take charge of their payments should they be deceased. If this option is not exercised, the share can then be sold to a new partner or existing partners can elect to take up the share between them. Please see your solicitor or legal professional to formulate an appropriate exit strategy in these circumstances.

  • Is property co-ownership/co-investment for everyone?

    While property co-ownership or co-investment offers a myriad benefits in beating the rental rut and housing affordability challenges, there are a number of issues to consider: one of which is, you don’t always get your own way! Flexibility and compromise are the key elements in making a successful property co-investment partnership. If you feel you are the type of person who will not compromise if things are not done exactly ‘your’ way, you may be best to re-evaluate whether you want become a property co-owner or co-investor.

  • I need a conveyancer, who should I contact?

    Conveyancing is the Legal work carried out by a solicitor or licensed conveyancer for the legal transaction of buying or selling of a property. Should you need the services of a conveyancer please contact us at info@mypropertypartner.com.au

  • We are ready to buy a property, which agents will understand our unique needs?

    Not every real estate agent is the same, however we can help you find the right property through the right agents that understand our service, your circumstances and your needs. Should you need the services of a real estate agent please contact us at info@mypropertypartner.com.au

  • Who will understand what type of loan we need for our mortage?

    Not every mortage provider, bank or lender is equipped with teh knowledge and expertise to professionally deal with your unique property co-ownership circumstances. Luckily we know who is so we can help you find the right product to suit your goals and your needs. Should you need the services of a mortgage or finance professional please contact us at info@mypropertypartner.com.au

  • What about house and contents insurance?

    House & Contents: House and contents insurance - buildings insurance covers the cost of re-building your property, and contents insurance and covers the cost of replacing your materials assets and possesions.

    We would recommend that house and contents insurance is put in place from the date of exchange of contracts when you become legally committed to purchase the property. Except in the case of leasehold where building insurance is generally included with the Lease fees and dealt with by the freeholder or with new build properties where the Developer is responsible for insuring until completion - but you should always check to ensure that you are covered.

    Buildings insurance will be a mandatory requirement of your mortgage Lender.

    Income Protection: This is very important, if you cannot afford to pay your mortgage you are in serious trouble. And so are the rest of your property partners unless you can move out and sell or rent your share of the property.

    To protect yourself and your property partners you should all take out Income Protection - it will provide you with a monthly income should illness or accidental injury prevent you from working, thus making your mortgage payments on time.

    This is sometimesoffered by your Lender in the form of Payment Protection, however check if you are all covered; if only two of you are covered by the policy and other co-buyers or co-investors in the group are not you should look to other providers such as insurance companies that offer Income Protection Policies and split the cost equally amongst all co-buyers.

    Should you need the services of an insurance broker or agent please contact us at info@mypropertypartner.com.au

  • What about mortage insurance?

    Should you need the services of a mortgage insurance broker or agent please contact us at info@mypropertypartner.com.au

  • We need a building inspector?

    Before you purchase any property it is always wise to seek the advice of a qualified building inspector who can check the structural integrity of your property, and also asses the condition of the foundations, roof, floor and other essential elements of your hard earned investment. These guys make sure you don't buy a lemon and you can split the costs between you! 

    Should you want to build a new home or renovate an existing purchase, we can also help. 

    If you need the services of a qualified builder, property developer and or building inspector please contact us at info@mypropertypartner.com.au

  • What if we want to buy a house and land package?

    We can put you in touch with home builders, property developers and house and land package providers if you are looking to buy land and build a new home. Please contact us at info@mypropertypartner.com.au formore information.

  • We want to co-invest in a commercial property development?

    Co-investors looking to get involved in commercial property? Contact us at info@mypropertypartner.com.au for more information.

  • I need a solicitor/property lawyer for my co-ownership/co-investment agreement?

    Make sure you cover off everything and leave nothing to chance when drafting your co-investment or co-ownership agreement. It is a legally binding contract and will ensure every meets their obligations and understands their rights and responsibilities. Should you need the services of a qualified solicitor professional property lawyer please contact us at info@mypropertypartner.com.au

  • I need some financial advice before I co-invest?

    For a confidential discussion of your finances, or if you need income protection, tax advice, company and trusts advice, superannuation advice or general financial advice about your property investments, please contact us at info@mypropertypartner.com.au for more information.

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