Siblings Buying Property
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What is the main topic discussed in this episode?
It's The Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings.
And welcome to another episode of The Real Estate Podcast, available on iHeartRadio every morning and on Spotify and Apple and wherever you get your podcasts from. Well, it's a Tuesday morning, the 20th day for September. 20th, yes. It means that the month is starting to wind down. October is nearly here. And then, of course, we are going to be looking ahead towards the Christmas rush and then the break and then Christmas. 2023. Gee, this time next year, you kind of wonder what is the property market, the property prices going to be doing by then? And will you need your sibling to buy a property with? Well, coming up this morning. We are going to be talking to Victor about that very subject. Is it a good idea?
What precautions and steps with a contract do you need to have in place? It's all well and good if you get on really great with your sibling, but you might not. Perhaps your sibling from time to time has a bit of a blow up with you. Do you want to trust them with a property transaction? If your sibling loses their job, what then? What happens? Well, you're liable for the mortgage, that's what, which can affect, of course, your credit rating if things go bad. So there is a lot to weigh up. There is a lot to consider.
How common is buying property with a sibling and why is it increasing?
So Victor is going to be here very shortly. He is going to break all of that down for us this morning.
It's your weekday real estate breakfast with news, interviews and predictions every morning on The Real Estate Podcast.
Hey, if you're celebrating your birthday for the 20th day for September, have yourself a great Tuesday. I see Sophia Loren is celebrating her 88th birthday. It was also on this day in 1975 that David Bowie's fame single goes to number one on the music charts for two weeks.
How does pooling sibling finances change your buying capacity?
And you might remember this one, Billie Jean King wins the battle of the sexes. Yes, it happened in 1973, the mixed gender tennis match between top tennis player Bobby Riggs and Billie Jean King was held after Bobby Riggs made the claim that even at the age of 55, he could beat any female tennis player on the planet. So then up steps Billie Jean King, who not only humiliates and beats Rigg, but also takes home $100,000 in prize money. And the match was and still is one of the most viewed tennis matches on television. They estimated around 100 million people around the world watched that back in 1973.
It's your real estate podcast for breakfast. It's the main centre forecast with PRD, selling smarter every day.
All right, let's have a look at your weather around Australia.
What liability risks arise if one sibling stops making mortgage repayments?
First, we go to Sydney. Good morning to you. Expecting a mainly fine, sunny day, a high of 21 degrees. A little bit cloudy today for Melbourne, but it should be mainly dry.
How can one sibling buy out the other and what’s the buyout process?
Your temperature is pretty good with 19. Brisbane ditto day on yesterday, blue skies and sunshine with 27. And in Perth today, expecting cloudy skies but dry conditions and your top of 21 degrees.
How should siblings decide and document who will occupy or rent the property?
We talk with leading property commentators with analysis, predictions, forecasts and what's trending every morning from 6.30.
Well, as we know, real estate is incredibly expensive, very hard, of course, if you're a first home buyer. Experts are saying that buying with a sibling is, of course, an increasingly popular pathway to home ownership. And I thought, well, let's discuss this this morning because it affects so many people. And joining us this morning is Brisbane-based finance consultant home loans and a very good morning to you victor welcome to the real estate breakfast thank you for having me so this is something that is really gaining a lot of traction a lot of people deciding to go in with siblings how popular have you seen this from your own experience
Yeah, so we've seen it increasing popularity. Like if you look five or six years ago, we didn't get many inquiries about it. But as property prices have increased since then, it's definitely becoming more of an options and we get a lot more people who are calling up about it and going, oh, look, what if I can't do this by myself?
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:02–1:32
2
How common is buying property with a sibling and why is it increasing?
1:32–2:08
3
How does pooling sibling finances change your buying capacity?
2:08–3:07
4
What liability risks arise if one sibling stops making mortgage repayments?
3:07–3:19
5
How can one sibling buy out the other and what’s the buyout process?
3:19–3:35
6
How should siblings decide and document who will occupy or rent the property?
3:35–5:15
7
What practical strategies prevent disputes (accounts, valuations, agreements)?
5:15–6:39
8
What are the top three legal and financial checklist items siblings must cover beforehand?
6:39–11:19
Speakers
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