How many people can apply for a loan together?

The more the merrier is how the saying goes, and this is true for borrowing capacity as well. If you have 2 incomes, you can borrow more money.

Most applications are by partners, whether that be via marriage, or de-facto. However, you can also borrow money with family members and friends as co-applicants. There are some caveats though.

All parties will need to directly benefit from the loan – so all applicants will need to be on the title – and some lenders will only go as low as 25% share of the loan amount per person.

You will also be responsible for the entire debt should, for any reason, a co-applicant not be able to make any repayments (such as due to unemployment or injury). However, this may offer a way for some people to get into the market where they cannot on their own income.

For the protection of all involved, it would be critical to consult with a lawyer and have written agreement between the parties to ensure you are adequately protected before applying for any loan.

The easiest way to get started is to understand your borrowing capacity, both on your own and with a co-applicant.

If you want to get started, you can complete our 5 minute form here: https://bit.ly/43VqyrH
Call on: 0418 552 938
Email at: peter.jefferson@mortgagechoice.com.au, or
Book a time to chat: https://bit.ly/43WsXma

If you’re a first home buyer, I’ve also created a useful guide to help you understand other key aspects of buying your first home.