Joint Home Loan

If you're thinking about buying a property together with your partner, you need to discuss the matter thoroughly. Here are some tips to ensure you get your joint home loan application right.

1) Improve Your Credit Scores 

Though you might be planning to have a joint home loan with your partner, you can’t assume that your partner’s credit history is as good as yours. It is best if you both improve your credit scores if you want to apply for a loan together.

Even if you have a good credit score, your partner’s credit score could affect your loan chances. This is because someone with a bad credit rating is more of a risk to the lender than someone with a good credit history.

2) Find Out How Much You Can Borrow

After having your credit scores improved, you should work out how much you can afford to borrow. Make sure you consider all costs involved, including renovations and other maintenance costs, as well as the monthly repayments.

There are plenty of online calculators available on the internet. You can also ask your bank or mortgage broker to help you with this.

3) Narrow Down Your Property Search

If you know the suburb you want to live in, you can narrow down your options further. For example, if you want to live in a certain suburb, search for a property within a certain radius.

If you haven’t decided where you want to buy yet, you should also think about the local market and how it is performing. It is often a good idea to check out what other properties are selling for in your chosen suburb. This could give you an idea of how much you can afford to spend on your property.

4) Figure Out How You'll Divide the Expenses

You'll have to decide how you'll manage the property's expenses. For example, you should consider how you'll split the cost of buying furniture, and whether you'll pool your money for the renovations. This will depend on your relationship with your partner.

It is also a good idea to discuss how you'll split the repayments. Will you pay the same amount each month, or will you split the repayments according to your incomes?

5) Save for a Deposit

If you have enough money saved, you can apply for a loan on your own. This is especially the case if your partner's credit history is a bit patchy. You can still apply for the home loan on your own and include your partner as a guarantor. The bank will then check your partner’s credit history and see if they’re a good risk as a guarantor.

If you aren't able to save enough money, you can ask your bank or mortgage broker to help you out. You will be required to prove that you are able to repay the loan that you are applying for.


Applying for a joint home loan is a big financial decision that can’t be taken lightly. If you are applying for a joint home loan with a partner, you must ensure that you do everything right.

Make sure you get the right loans for your future home with Wealthy You. We offer the best home loans in Sydney to help you settle down with your family. Get in touch with us today to learn how.