Buying Together in Waverley: A Home Loan Preparation Checklist

Buying a property in Waverley with a partner, relative or friend starts with more than combining two deposits. Before applying, explain who is buying, how the purchase will be funded and how the ongoing costs would be managed.

Brampton Finance helps borrowers compare suitable loans and prepare applications. This checklist organises the finance discussion; ownership arrangements and agreements between buyers need advice from an appropriate legal professional.

Explain who is involved and how the property will be used

Identify each proposed buyer and borrower, the intended occupants and whether any part of the property will be rented. Tell your broker if someone is contributing funds but does not intend to own the property or join the loan.

Ask your solicitor or conveyancer to explain the proposed ownership arrangement and how it fits the buyers’ intentions. Do not assume ownership percentages, cash contributions and obligations under the loan are interchangeable.

Document the deposit and other contributions

List the amount each person plans to contribute, its source and when it will be available. Separate savings from proposed family gifts, repayable contributions or funds expected from another transaction.

Use the Clovelly West deposit checklist to prepare a complete purchase budget. Include applicable duty, legal work, inspections, lender costs, moving expenses and the cash buffer you want to retain.

Prepare each borrower’s financial information

Provide current income evidence, living expenses, existing loans, credit limits and other commitments for each proposed borrower. Explain any jointly held debts, guarantees or foreseeable changes to work and income.

Our application document checklist is a starting point. For business or variable income, the Woollahra income guide helps organise the available records.

Discuss repayments and property expenses

Prepare a household plan showing expected repayments, rates, insurance, maintenance and any strata levies. Agree how everyday payments would be managed and how each buyer would retain records.

Discuss what would happen if one person’s income fell or a major repair was needed. Ask your broker to explain the proposed loan accounts, repayment arrangements, offset access and relevant product conditions. Have your legal adviser explain each person’s obligations before signing.

Consider future changes before committing

Discuss what you would want to happen if someone wanted to move out, sell their interest, refinance or stop contributing. Ask your legal adviser how those intentions could be documented and what issues require further advice.

Ask the proposed lender what assessment and documentation would be needed for a later change to borrowers or security. Do not assume an informal agreement between buyers would release someone from the loan.

For the first broker discussion, use the Bondi Junction appointment guide. Review any pre-approval conditions before committing; conditional pre-approval does not guarantee final approval.

Compare suitable home loan options, explore the Eastern Suburbs finance guides or discuss your Waverley purchase on 02 9389 1077. We act as your broker; the selected lender makes the credit decision. General information only. Finance is subject to assessment and approval.