My two brothers and I wish to buy the house we are renting by combining our salaries.You could apply for a joint bond. These are popular as few people can afford a mortgage repayment on their salary alone. In most cases the applications are by married couples, but there are also many unmarried couples or even friends who club together to buy a home.
When evaluating joint bond applications, banks adhere to normal credit and affordability assessment criteria. However, the difference is that the profiles of all the co-applicants as well as their combined income is taken into account.
If you have specified all your financial dependants on your nomination form and included up-to-date contact details for them, the process can be fast-tracked and resolved within a few months.
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