How does the Co-operty App work

Co-operty will guide you through the co-ownership process in our easy-to-use app. Once you and your co-owners have found the property you want to buy and have agreed on a price, then launch our app and we will guide you through the information you need to provide.  

Lawlab (our preferred conveyancing partner) will then help you complete your property purchase.  

Co-operty has developed a comprehensive Co-ownership Agreement template providing you and your co-owners with peace of mind that your interests are protected, ensuring you all have a clear understanding of how you will manage co-ownership for the property going forward.

How much does it cost to use Co-operty?

Please refer to our fees page for information on costs and fees.

How are the co-owners recognised on the title of the property? 

The co-owners will hold the property as tenants in common, meaning that each owner owns a share of that property and has their name on the property title.  

How is buying into the property with my children different than just going as security guarantor on their loan?  Or other existing alternatives? 

By co-owning the property with your children, you are all on the title. This means you all get to benefit form any: 
Capital appreciation on the property over time
Rental income should the property be tenanted.  

Gifting your children money toward their deposit can be draining on your own funds, potentially either delaying retirement plans or limiting the retirement lifestyle you had dreamed of.  

We recommend you seek independent, professional financial advice prior to deciding that co-ownership is the right option for you. 

Do I need additional expert advice?

We recommend that you seek independent legal, financial and other advice in relation to your co-ownership plans before, during and after using the Co-operty Platform.

Co-operty has partnered with experts in co-ownership and its differences to ‘standard’ home ownership. Our preferred partner lawlab, (conveyancing and legal advice)  can provide additional independent legal advice if needed. 

Co-operty can also refer you to an independent financial advisor, or to a mortgage broker if financing is required for the purchase of your property.  

We may receive a benefit (which may include a referral fee or a commission) where you are referred to a Co-operty Preferred Partner.

How does this work with the First Home Buyers grant?

You could still be providing you meet the eligibility criteria. For more information and help determine your eligibility you should speak to your lender or mortgage broker. If you’re not eligible for the grant, then you may still be eligible for first homeowner stamp duty concessions where applicable. This may change subject to your personal circumstance, and the state you are purchasing in.

How does this work with the Government’s Help to Buy scheme?  

The Federal Government in 2023 initiated a Help to Buy Scheme and different states and territories also have similar schemes depending on where you live. With these schemes, the Government is owning a fraction in your home to help you buy and there is eligibility criteria to qualify.  

Co-operty supports government initiatives to help people on the property ladder, however we help people own a home between co-owners, so all of you own the home; not the Government. It is your sister, parent, friend or other party helping you buy, not the Government.   

How does Stamp Duty work in buying my share?   

Stamp Duties differ from state to state and are payable on purchasing a property.  When buying a share, you will have to pay the same share of the total stamp duty.  We recommend that you speak to your conveyancer and use a stamp duty calculator to calculate for your own circumstances.  

Co-operty does not provide financial or tax advice. We recommend you seek independent, professional advice on this matter if needed.  

What happens if I want to sell my share?  

You can sell your share whenever you like, but you must follow the process set out in the Co-ownership Agreement. 

The price will be determined by an independent valuation (that Co-operty can help you arrange). Your other co-owners will have the first right to buy that share, proportionate to their existing shares.   

However, if they do not wish to buy your share, then our co-ownership agreement template sets out other ways you can sell, depending on your circumstances.  

What if I decide to not live in the property but my co-owners do (or vice versa)? 

If you decide to rent the co-owned property, then we recommend you use a property management service from a real-estate agent to manage this properly. 

They can do a rental evaluation so the rent is set to market rates and the portion of rent that you owe (as an owner-occupier) or will be paid (as an owner-investor) will be calculated and managed like a normal tenancy agreement.  

For example, if you live in the property (an owner-occupier) and own 40%, you will pay: 
Your 40% share of the mortgage, 
Plus 60% of the value of the rent.  

And if you are an owner-investor, and own 60% of the property you will pay: 
Your 60% share of the mortgage,  
Receive 60% of the rent value from your tenant (and co-owner).

Any fees related to the property, like council rates and body corporate or strata fees will be split pro-rata by the property management agency and billed to you separately, so you can manage all your bills independently.  

Utilities will all be paid for by the tenants as they are the ones using the electricity, gas, and water usage etc.  This is all set out clearly in the Co-operty Co-ownership Agreement.   

What happens if I don’t agree with my co-owners on costs or we argue about whether an improvement is needed?  

Our co-ownership agreement template sets out a clear process for any dispute.  

What happens if I default on the mortgage or get into financial difficulties?  

If you have a mortgage, you will need to speak to your lender as soon as you become aware that you could struggle to meet your repayment obligations and access the hardship program that they have in place.  

Additionally, if you or your co-owner can’t make mortgage repayments, our co-ownership agreement template allows for a number of options to avoid selling the whole property, which include: 
Loans between co-owners (to help each other out),  
Other co-owners buying a greater share.

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