Belmore’s homes are split almost evenly between houses and apartments, with period family homes on the side streets and newer units along Canterbury Road.
Buying with a sibling or friend usually means one loan, joint and several, so each of you is liable for all of it, and a title held as tenants in common with shares that match what each put in.
A written co-ownership agreement should cover who pays what and what happens when someone wants out, before you exchange.
With 46.1% of dwellings in apartment buildings, strata is a big part of buying in Belmore. Lenders measure internal living area, not the advertised size, so check the floor plan on the contract before the bank does.
Separate housesTownhouses and semisApartments
apartments NSW 21.7%
separate houses NSW 65.6%
terraces and semis NSW 11.7%
rented NSW 32.6%
with a mortgage NSW 32.5%
private dwellings
Source: ABS Census 2021, Suburbs and Localities (SAL10279).
NSW first home buyer stamp duty
Assumes an eligible NSW first home buyer purchasing an existing home under the First Home Buyers Assistance Scheme (exempt to $800k, concession to $1m). Indicative only, check Revenue NSW for your exact position.
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When two people who are not a couple buy together, the lender assesses both incomes, both sets of expenses and both credit files, and both of you usually sign for the whole loan.
That means each of you is responsible for the full debt, not just your share, if the other stops paying. Our guide to buying a house with friends or family covers the agreement to put in place.
Ownership can be split on the title in agreed shares as tenants in common, which suits unequal deposits, or held equally as joint tenants.
A written co-ownership agreement covering contributions, costs and what happens if one person wants to sell is worth arranging with a solicitor before you buy. Buying with someone else in detail
Charles Touma, Mortgage Broker.
Belmore lies about eleven kilometres south-west of the city in the City of Canterbury-Bankstown. Its main commercial area runs along Burwood Road, where art deco shop façades line the small shopping strip, and commercial and industrial buildings sit along Canterbury Road.
It is a predominantly low-rise suburb of period family homes with large backyards and wide tree-lined streets, with a growing number of apartments along Canterbury Road.
The suburb is named after the fourth Earl of Belmore, Governor of New South Wales from 1868 to 1872, and the area was known as Darkwater in its early days.
First land grants date from 1810, and the land was used for market gardens and orchards before subdivision in the 1890s. Its heritage-listed places include Federation and inter-war houses in Isabel Street and Wilson Avenue, and a row of Californian bungalows in Lakemba Street.
When co-buyers in Belmore are comparing loans, Links compares a panel that includes Westpac, Resimac, ING, ANZ and Macquarie.
Example scenario (illustrative, not a real client): two sisters, one with a larger deposit than the other, want to buy a Belmore apartment together.
Before applying, they agree to own it as tenants in common in shares matching their deposits, have a solicitor draw up a co-ownership agreement covering a future sale or buyout, and apply for one loan together.
As tenants in common, each owner holds a defined share, which can be unequal, and each share can pass under that person’s will. As joint tenants, both own the whole property equally, and if one dies it passes to the other.
Siblings and friends often choose tenants in common so the title reflects what each person put in. Your solicitor or conveyancer can explain which suits your situation. Buying with someone else.
The 5% Deposit Scheme can accept two eligible joint applicants who are not a couple, such as siblings or friends, provided both meet the criteria. Each applicant must be eligible in their own right, including as a first home buyer where that applies.
The scheme rules change from time to time, so it is worth checking the current criteria before relying on it. First home buyer schemes in NSW.
Plans change. One co-owner may want to sell, move in with a partner or buy elsewhere. The usual options are selling the property, or one owner refinancing into their own name and paying the other out.
A buyout refinance is assessed on the remaining owner’s income alone, so it helps to think about that possibility at the start. Refinancing explained.
Three kinds of co-buyer, and what each means for the loan.
The conversations to have before you sign anything.
Yes. Lenders assess both of you together, and you both usually sign for the loan. You can own the property in equal or unequal shares, depending on how you set up the title.
Usually all of it. Borrowers on a joint loan are generally each liable for the full debt, whatever the ownership shares on the title, so if one person stops paying, the lender can look to the other.
Tenants in common hold defined shares, which can be unequal and can pass under each person’s will. Joint tenants own the whole property equally, and it passes to the survivor if one dies.
Yes: the scheme accepts two eligible joint applicants who are not a couple, such as siblings or friends, if both meet the criteria. Check the current scheme rules, as they change from time to time.
It is not required by lenders, but it is strongly worth having. It sets out contributions, how costs are shared and what happens if one of you wants to sell or be bought out.
You can sell and divide the proceeds, or one of you can refinance into their own name and pay the other out. The refinance is assessed on that person’s income alone.
Thirty minutes with Charles: what you could borrow, which lenders suit Belmore property and what to do next. Free, with no credit check.
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General information only, not credit or financial advice. Lender policies and government scheme criteria differ and change over time. All lending is subject to individual assessment and approval.
