Alternative ways to buy your own home

If you’re thinking about buying your first home, it can pay to think outside of the box. Check out some alternative ways to get started.

Buy with friends

Buying a house on your own can mean you start with a big mortgage. Luckily, you don’t have to do it alone – you could buy with friends (or even family) instead. It’s called a joint loan and it’s one way a lot of young Aussies are breaking into the property market and buying their first home.

No one wants to lose a friend over money issues, so make sure to seek legal advice, work out how much you’re both chipping in and get a written agreement in place.


Saving for a deposit can be the hardest thing about getting into the property game, especially if you’re trying to buy a house on your own.

But there’s a way your parents (or any other immediate family member) could give you a hand – by being your guarantor. With a Family Guarantee, the guarantor uses the equity in their property as additional security for your home loan. If you put this towards your deposit amount, rather than the whole mortgage, you could cut down your saving time.

Plus, you could avoid paying Lenders Mortgage Insurance (LMI) if your deposit is more than 20% of your property value.

Find out more about our Family Guarantee option.

Your parents (or any other immediate family member) can give you a hand – by being your guarantor.

First home owners grant

This is a one-time leg up from the government that could help take the pressure off your savings account when buying your first home. The grant amount and small print differ from state to state, so do your research and check out what’s on offer in your area.

It’s also worth checking out a Home Buyers Assistance Account (HBAA, WA only), which can grant you up to $2,000 for loan fees.

Buy sensibly

Your first doesn’t need to be your ‘dream home’ – if you buy sensibly, it can be a great way to build equity to help you get there in the future. Equity is difference between the value of your property and what you owe on your home loan. If you eventually sell your first home, you can put this equity towards a deposit on a new one.

Instead of just looking at traditional houses, check out units and apartments, or even house and land packages that are a little further afield. You could also think about  ‘rentvesting’ which is when you buy an investment property in an affordable area while renting a property where you want to live. Either way, buying sensibly to begin with is a great way to get yourself on the property ladder without living beyond your means.

Hear from our unlikely expert

Unlikely Experts: Jake Rich

We’ve put together a few tips to help make getting into the property market a little less daunting. So here are four ways to make it less dream, more home – with the help of Unlikely Expert and Adventure Vlogger Jake Rich.

Video transcript (PDF, 65KB)

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Get in touch with a Home Lending Specialist, and they’ll respond within one business day. You can talk on the phone, meet at a branch, or have a Mobile Lending Manager come to you.

Family Guarantee is available to owner occupiers only. Immediate family member means a parent, adult child, sibling, grandparent, spouse/defacto spouse or legally appointed guardian of the borrower.

The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.