So when it comes time to fork out for a deposit, followed by mortgage repayments, repairs, bills and so on, the question becomes: ‘who pays what?’
Mortgage Choice broker Deslie Taylor said it was surprising the number of couples willing to take the step of buying a joint property when they couldn’t see eye-to-eye on the basics. Even if the contributions are unequal, due to differences in salary or parental contributions, for instance, the vast majority of couples will enter into purchasing a property as joint tenants meaning they each own an equal share of the property.
“If you are planning on having a family together and all of a sudden income is going to reduce for one party, then ultimately, you want that person to be able to raise those children without feeling guilty that they’re not able to contribute at this point in time,” Ms Taylor said. This is also where discussion about expectations for the future before buying a home is invaluable, so both parties can be on the same page and don’t find themselves in unfamiliar territory and feeling unable to speak up.
This may not always be ideal when children and inheritances are on the cards and the potential is there for people to hold on to wealth.