Two incomes can make buying a home much easier. But buying with someone, whether a partner, a friend or a sibling, ties your finances together in a way that's hard to undo. Buying alone gives you control, but less borrowing power.
Here's how to think it through.
Borrowing power: the obvious difference
Lenders add up both incomes and both sets of commitments. Two people earning $80,000 each can usually borrow far more than one person earning $80,000, though less than double, because the lender also accounts for higher living expenses for two.
As a rough illustration, at today's assessment rates:
- One person earning $80,000 with no debts might borrow around $380,000 to $440,000
- Two people earning $80,000 each, no debts, might borrow around $850,000 to $950,000
Every lender calculates this differently. Use our borrowing power calculator for a starting point.
Debts follow you both
When you apply together, both people's debts count. If your partner has a $25,000 car loan and a $15,000 credit card limit, it reduces what you can borrow as a couple. Sometimes a single applicant with no debts can borrow more than a couple with a lot of debt.
Your credit histories are also checked together. One person's defaults can affect the whole application.
Scheme eligibility
5% Deposit Scheme: you can apply as a single person or with one other person. Joint applicants don't have to be in a relationship; friends and siblings can apply together. Both need to be first home buyers or not have owned in 10 years.
Help to Buy: income caps are $100,000 for singles and $160,000 for couples. Two incomes might push you over the cap.
Stamp duty concessions: in NSW, if one buyer has owned property before, the concession may be reduced or lost.
First Home Super Saver: each person can release up to $50,000 of their own voluntary contributions.
Joint tenants or tenants in common?
How you hold the title matters.
Joint tenants own the whole property together. If one dies, the other automatically owns it all. This is common for couples.
Tenants in common each own a defined share, such as 50/50 or 70/30. Each share can be left to someone else in a will. This often suits friends, siblings, or couples contributing very different amounts.
Note that the loan is usually joint and several either way. That means the bank can chase either of you for the full debt, not just your share.
Put it in writing
If you're buying with a friend or sibling, or contributing unequal deposits as a couple, get a co-ownership agreement drawn up by a solicitor. It should cover:
- Who paid what towards the deposit
- How repayments and costs are split
- What happens if one person wants to sell
- What happens if one person can't pay
- How the property is valued if one person buys the other out
It feels awkward to plan for a falling-out. It's far more awkward to sort it out after one.
Buying alone
Buying solo is increasingly common. Benefits include:
- Full control over decisions and sale
- No risk from someone else's finances
- You can still use the 5% Deposit Scheme or Help to Buy
The trade-off is lower borrowing power. Strategies that help:
- Family guarantee, where a parent guarantees part of the loan with equity in their home
- Renting out a room, which some lenders count as income
- Rentvesting, buying a more affordable investment while renting where you want to live
What if the relationship ends?
If a couple separates, one person usually refinances the loan into their own name and pays out the other. That person must qualify for the full loan on a single income. Plan for this possibility rather than assume it'll never happen. We cover the process in our post on joint home loans after separation.
Frequently asked questions
Can we buy together if we're not married?
Yes. Lenders don't require you to be married or in a de facto relationship.
Can one person be on the loan but both on the title?
It's uncommon and lender-dependent. Usually everyone on the title must also be on the loan.
Does my partner's bad credit affect me if we apply together?
Yes. Lenders assess both applicants. Sometimes it's better for the person with clean credit to apply alone.
Not sure whether to apply together or solo? Call Finfident on 0424 545 654. We'll run both scenarios so you can compare borrowing power and scheme eligibility.
This article is general information only and doesn't take into account your objectives, financial situation or needs. Figures, rates and scheme rules are current as at October 2026 and can change. Finfident Finance Brokers (ABN 94 679 280 801) is Credit Representative 569374 of Outsource Financial Pty Ltd (ACN 131 090 705), Australian Credit Licence 384324.