Buying a home with your partner? Here’s what you need to keep in mind

Ahh yes, love and real estate. Nothing says “we’re in this for the long haul” quite like joint mortgage paperwork.

Buying a home with your partner is a massive milestone. It’s exciting, empowering, and a little bit scary (in the best way).

But while the idea of building a life (and a lounge room) as a team sounds dreamy, it’s also a big financial and legal commitment. And as any couple who’s gone through it will tell you, a little planning at the start can save a lot of awkward conversations down the track.

If you’re thinking about buying a home with your partner, here’s what you’ll want to keep in mind before you say “yes” to the address.

The perks of buying a home with a partner

Shared finances = stronger buying power

With two incomes, lenders are more likely to offer you a higher borrowing limit. That could mean a better home, in a better suburb, with a few more of those wish-list extras (hello backyard and home office).

What’s even better is you’ll be sharing the upfront costs too — like stamp duty, legal fees, and the deposit — making the whole process a little more achievable. Plus, if you’re eligible for the first home owner grant or stamp duty exemptions, that’s even more reason to team up.

It fast-tracks your property journey

For many first-home buyers, especially in Perth’s southern suburbs, getting into the market can take years of saving. But as a couple, you may hit that goal faster (and with more confidence).

It’s more than just bricks and mortar

Buying together is about more than square metreage. It’s about building a shared future, creating memories, and putting both your names on a place that feels like home. There’s something powerful about opening the front door to a home you both made happen.

But it’s not all roses… what can go wrong

Money clashes can cause real tension

You might have totally different views on budgeting, saving, or splurging on a new couch. If one partner has a lower income, poor credit score, or past debt, it could also affect your loan application or lead to resentment later on if things feel financially lopsided.

You’re both on the hook

When you buy together, you’re both equally responsible for repaying the full loan and not just “your half”. If one of you loses your job or can’t contribute, the other still has to keep the repayments going. That’s why having a financial buffer (and open communication) is so important.

Breakups are messy, mortgages are easier

Nobody likes thinking about the “what ifs” but it’s crucial. If the relationship ends, you’ll need to work out whether one partner buys the other out or if the property is sold. Without a co-ownership agreement in place, it can get legally and emotionally complicated.

Joint tenants vs tenants in common: What’s the difference?

When buying a home with a partner, one of the first legal decisions you’ll need to make is how you’ll own the property. It might not be the most romantic part of the journey, but it’s an important one.

Joint tenants

This is the most common option for couples. You each own the property equally, and if one of you passes away, the other automatically inherits the entire property. It’s simple and suits situations where everything is split 50/50.

Tenants in common

This one’s a bit more flexible. You can each own a specific percentage of the property (like 60/40 or 70/30), which is great if one of you is putting in a bigger deposit. And unlike joint tenancy, your share doesn’t automatically go to your partner if something happens. Instead, it’s passed on according to your Will.

There’s no one-size-fits-all here. The right choice depends on your relationship, financial set-up, and what kind of protection you both want. It’s worth chatting to a solicitor before you sign anything, just to make sure everything’s structured the right way from day one.

Have the hard chats before the house hunting

Before you start swiping through listings or getting excited about that fixer-upper with “potential”, take a breath and have a proper sit-down.

Buying a home as a couple means merging two sets of priorities, habits, and dreams into one purchase. If you’re not on the same page early, things can unravel fast.

Ask the questions that matter

• What suburbs are we both happy with?
• How far can we realistically commute to work?
• Are we open to renovating, or do we need something move-in ready?
• How many bedrooms do we need now and in five years?
• What are our deal-breakers (noisy streets, shared walls, no backyard)?

It sounds obvious, but writing separate lists of must-haves and nice-to-haves can really help. Once you’ve both put your thoughts on paper, take the time to compare and talk them through. Be prepared to compromise too. Chances are, your version of a “dream home” won’t match up exactly with your partner’s (and that’s completely normal).

A local agent (like our team here at Semple) can help you narrow things down and keep expectations realistic, especially when it comes to Perth’s southern suburbs. We’ve helped plenty of couples through the ups and downs of house hunting, and we’re always here to help you find that middle ground.

Get your finances in order, together

Start with pre-approval

Getting pre-approved for a home loan gives you a solid idea of what you can borrow and helps set a realistic budget. It also shows sellers you’re serious when it comes time to make an offer. Make sure to chat through loan options too — fixed, variable, or split — and whether you’ll apply jointly or in one name.

Know your responsibilities

If you’re buying together, you’re both usually responsible for the entire loan. That means if one of you can’t make repayments, the other has to pick up the slack.

Build in a buffer

We always recommend having a little wiggle room in the budget. A financial buffer (even just a few months of repayments) can give you breathing space if something unexpected pops up, like job changes or interest rate hikes.

Safeguard your future (just in case)

Buying a home together is a big commitment financially and personally. Things might be great now, but it’s smart to have a plan in case life changes.

If one of you puts in more money, or if you’re not legally married, you’ll want a co-ownership agreement. This document spells out who owns what, what happens if you separate, and how you’ll handle the sale or buyout if needed.

It’s also worth looking into income protection or mortgage insurance, just in case one of you can’t work or make repayments for a while.

Let’s make your first place a shared win

Buying a home with your partner can be one of the most rewarding things you do together, but it’s not something to jump into blind. From combining finances to picking suburbs and planning for the unexpected, it pays to go in prepared and on the same page.

At Semple Property Group, we help couples all across Perth’s southern suburbs take that next step with confidence.
Browse our houses for sale in Perth and start picturing your next chapter together.