“While it may be uncomfortable or difficult to plan for the end when making a new beginning, considering every potential outcome upfront can save a lot of potential heartache and disagreement in the long term."

Careen McKinon, OOBA Provincial Sales Manager for Western Cape

How to apply for a joint bond if you’re unmarried

With more couples choosing to live together before tying the proverbial knot and with affordability issues making owning a home on one salary more challenging, more people are opting to go from rental property to co-owning property outside of a marriage agreement.

First time buyers who want to pool their earnings and share the risk of owning a property should be encouraged by ooba’s recent announcement that in Q1 2018 they recorded the highest home loan approval rate in over a decade since the introduction of the National Credit Act. In addition, banks are even in some instances willing to lend the full value of a property without requiring a deposit – with an average deposit of 12.5 percent required for first-time buyers in Q1 this year (2018), reduced from 14 percent in Q1 2017.

Co-owning a home, outside of marriage should be seen as a business partnership. We strongly urge buyers considering this to make use of a bond calculator to ensure the property is affordable and then draw up a Domestic Partnership Agreement. To find out more click here.