What is a joint home loan?

A joint bond is a bond guaranteed by two or more parties.

• Co-owners share expenses and admin.
• Co-owners all have to agree on any decisions regarding the property.
• The drawing of the co-ownership contract is an essential step in the process.

It’s a popular option for business partners, families, and unmarried couples.

Here are some of the benefits of joint bonds:

• It’s a great option for unmarried couples, although it’s important to have the property registered under both names.
• It’s a great way for first-time homebuyers to get on the property ladder as security for the bond is guaranteed by co-owners.
• The bank is more likely to approve the bond as the various owners guarantee each others’ share of the bond.