Finance pathway
Paying for your share.
A Copay share is bought with personal capital. How you fund it, from savings, from equity in a home you already own, or from a loan you arrange yourself, is your decision, made with your own adviser. Here is what is useful to know first.
What you are buying.
Units in the dedicated unit trust that owns the home. The trustee company is registered on the property title. You buy your units individually; there is no group to organise, and Copay assembles the co-owners.
What to ask your lender or adviser.
Whether a share can be borrowed against, and on what terms, is a question for your own lender or adviser. These are the questions to take to them.
- Whether they lend against units in a unit trust, and on what terms
- What security they would take, given the trustee company holds the title
- How they assess a share of a holiday home rather than a whole one
- What they need to see from the written cost breakdown
- Whether savings, equity in a home you already own, or a loan in your own name is the right route for you
Copay is not a lender and does not arrange finance. This is general information only.
Can I use my super?
No. Australian super rules prohibit fund members using residential property owned by their fund for personal purposes, so a holiday home you actually use sits outside superannuation. Purchases are made with personal capital. Get your own advice on your circumstances.
When the numbers matter.
The written cost breakdown for a home gives you the figures a lender or adviser will ask for: the inclusive share purchase price, any deposit payable at the sale contract, the monthly Property Operating Levy and the charges that can apply separately. Ask for it before you commit to anything.
Talk it through
Ask us about finance options.
Tell us where you are up to and we'll talk it through with you in a private conversation. Nothing is committed by asking.