What is Mortgage Mates?

Mortgage Mates is like a relationship website for home ownership.

The Bumble of home ownership, we match you with other individuals (Mates) who have the same housing preferences as you, to own a home together.

Mortgage Mates can match you with Mates based on housing preferences and motivators including location, cost, property use, property type and reason for buying. We can also match you based on houseMate preferences such as whether you are a dog or a cat person!

Our platform allows you to choose the security of home ownership over rental properties and share houses in a safe and secure way.

• If you are interested in co-owning, but aren’t sure you are ready to buy just yet, you can use our rent option to look for Mates to rent with first- starting shared living earlier, enabling you to save money towards your homeownership goals.

How does it work?

Using a unique algorithm, Mortgage Mates matches you to Mates to search for, apply for and purchase housing together. By matching with Mates who share your housing aspirations, you can afford to purchase a home to live in, land to build on or an investment property to invest in, with less financial risks and increased legal protection.

By incorporating support from third parties in the areas of Finance, Real Estate and Legal support you will be able to co-own a property safely, securely and most importantly, happily!

After Matching on Mortgage Mates, and locating the third parties that are right for you, we suggest drafting a co-ownership agreement to set out the rules and regulations each individual has to adhere to when co-owning a property. By using the links on our website we can support you to purchase a property with financial and legal protection.

You can find out more information on the above by going to our What To Do Next page found here.

Please note, any companies listed on the platform are not exclusive in their ability to assist you in owning a home and should be considered alongside other providers not listed on this website.

You should also seek independent legal and financial advice before making any decisions regarding the use of third parties, whether these are/not located on the website.

What is a co-ownership agreement?

A co-ownership agreement is a legal document that includes information about how you are going to co-own a property together. This contract can be high level and include information such as:

• How long you plan to own the home together.
• What exit options you may have- (e.g. can one co-owner purchase the other part of the property).
• What insurances you require (e.g. income protection insurance).
• What happens if you miss a mortgage payment.
• Is a mediator required if the relationship becomes strained.

It can also include more detailed information such as :

• Can a partner move into the property.
• Who is responsible for which bills.
• Which chores sit with which co-owner.

By using a co-ownership agreement and including pre-agreed set items, you can feel confident that you will safely and securely own a home together. Whilst creating the document may feel daunting, there are specialist third parties who can help you draft a document that is right for you. Having a co-ownership agreement also means you will own a home more safely than most individuals who buy with a partner, friends or family!

Where is Mortgage Mates based?

Mortgage Mates is an Australian based website covering matches across the country.

What do I need to do?

To use Mortgage Mates you will need to set up your Mates profile, which includes a section where you can write about yourself, hobbies, interests and current employment. Other users will be able to see this information when you have matched with them. Your profile should include details about who you are and what you are looking for in the property market and in particular, whether you want to co-live, or co-invest with your Mate. You can edit and delete your profile at any time through the Meet Mates tab, once you have signed up to the website.

What can I search?

You can modify your profile to search a number of criteria for your prospective Mates. This includes Australia wide location options, housing choices (apartment, unit, house or land packages), price, age and gender. Mortgage Mates will continue to develop these search options to incorporate a number of personal choices to increase matching capacity.

What happens next?

Once you match with your Mate you will be provided with a number of contact options. Mortgage Mates suggests connecting with your Mate online over a number of days, before safely arranging to meet in person.

If you and your Mate want to continue on the co-ownership journey after meeting, Mortgage Mates provides links to relevant Finance, Real Estate and Legal support options which can help you co-own a home.
Information on third parties can be found here.

What are the benefits of Co-Ownership?

• By pooling your money with other individuals you will be able to buy your first home or an investment property in half the time.
• With more funds, you will be able to increase your property choices, enabling you to buy a property in the location you want to live in, not where you can afford to buy.
• Each party can choose how they want to manage their loan repayments, without having to compromise.
• By having a legal co-ownership agreement in place with your Mate, it will help protect you from future legal or financial issues that can be associated with the emotional stress of purchasing with someone you have a close relationship with.
• When you co-live in a property with your co-owner, you can share not only the cost of the property, but also the size of the deposit, weekly costs such as bills and groceries and even share life responsibilities such as child care.

We have a co-ownership manual available for FREE in our Information Centre which can help guide you through the co-ownership process.

Anything else to consider?

How you move forward once you match with a Mate is up to you. However, Mortgage Mates recommends considering some of the following steps in addition to drafting a co-ownership agreement, to ensure you safely and securely own a home together. These steps can be taken whether you buy with someone you met through Mortgage Mates, or if you are co-buying with someone you know.

Remember when sharing personal information to do this in a safe and secure way.

• Ask your Mate to share their credit score and savings information to confirm the level of financial stability they have to own a home.
• Ask your Mate to complete and share a police check to confirm their legal capacity to own a home.
• Ask your Mate to provide personal and professional references if needed.
• Consider the items you want to include in your co-ownership agreement.
• Utilise professional third parties in the Real Estate, Finance and Legal space to co-own the property.
• Anything else you would like to consider before buying a house together.

Who else can benefit from co-owning?

If you are about to purchase a home with someone you know, such as a partner, family member or friend, you can still benefit from using the Mortgage Mates website.

Firstly, if you are about to start your homeownership journey together, make sure you are both confident with what you want, and that your housing priorities align. You can do this by signing up to the website and matching with your fellow co-owner using our algorithm and Mates profiles, the more your housing needs align, the higher your match percentage will be.

Secondly, once you know you both want the same things, use our information guides and information sheets to safely co-own your home. This might include asking your co-owner for certain information such as financial statements or credit scores, and should include completing a co-ownership agreement.

Thirdly, use our third parties in the legal profession to receive support and legal assistance to draft your co-ownership agreement, this will allow you to securely manage your assets as you go on to own a home together.

I have an issue – what do I do?

If you have any concerns, or a user is being inappropriate – please contact us at support@mortgagemates.com.au so we can look into this for you. Your safety and the safety of all users is extremely important to us.

What if my question wasn’t answered?

Please email us at daisy@mortgagemates.com.au where we will be happy to answer any questions or queries you may have.