Going it alone in the Australian property market right now is genuinely hard. We know it, you know it, the data knows it. So it’s not surprising that more women are looking at each other and thinking, what if we just did this together.
Co-buying, which is purchasing a property with a friend, partner, sibling, or family member, is becoming a real strategy for women who are done waiting for the “perfect” conditions to buy solo. And it can absolutely work. It just needs to be set up properly from the start.
Here’s what you actually need to know before you sign anything.
Why more women are choosing to buy together
The maths are pretty compelling. Two incomes mean more borrowing power. Two people saving for a deposit can get there faster. And splitting mortgage repayments and ongoing costs can make the whole thing feel a lot less like a white-knuckle financial stretch every month.
According to CoreLogic’s Women and Property Report, 62.7% of women in Australia own property, and the majority do so with a partner or spouse. But the more interesting shift is what’s happening at the edges of that data. Single women made up 54.2% of single applicants through the Home Guarantee Scheme, which tells us something important: women are actively looking for ways into the market, whether that’s alone or together, and they’re not waiting to be asked.
Co-buying with someone you trust, whether that’s a close friend, your sister, or a family member, is one of the ways women are making home ownership work for their actual lives rather than the idealised version of how it’s “supposed” to happen.
The reasons women are choosing this route make a lot of sense:
Splitting the deposit, mortgage repayments, and ongoing costs makes buying genuinely achievable sooner for a lot of people. A co-owned property builds equity for both of you, which is one of the most powerful wealth-building tools available in Australia right now. And buying with someone doesn’t mean giving up your financial independence. Done right, it means protecting it.
Before you do anything, have the money conversation
Not the vague, optimistic version. The real one.
Both of you need to be honest about your financial situation, including your income, your savings, your debts, any HECS, your credit history, and your borrowing capacity. These things don’t have to match perfectly, but you do need to understand each other’s position clearly before you go any further.
You also need to talk about what you both actually want from this. Are you planning to live in the property together? Rent it out? Sell in five years? Hold it long term? Mismatched expectations are one of the most common reasons co-buying arrangements get messy, and sorting this out upfront saves a lot of pain later.
The Penny app has a great list of questions you can ask, as well as a borrowing calculator to help both of you get a clear picture of your individual (and shared) borrowing capacity, so you know what you’re actually working with before you talk to a broker.
Get clear on how you’ll own it
Before you sign anything, you need to decide how the property will be legally structured. This is not the kind of decision to make casually, and it’s worth talking through with a conveyancer or solicitor.
The two most common options are:
- Joint tenancy. Equal ownership, and if one owner passes away, their share automatically transfers to the other. This is the default for married couples and works well when contributions and intentions are completely equal.
- Tenants in common. Each person owns a defined percentage of the property, which can reflect different deposit contributions or financial positions. If one person passes away, their share goes to whoever they’ve nominated in their will, not automatically to the co-owner. For friends or family members buying together, this is usually the more appropriate structure.
Penny can connect you with vetted mortgage and finance professionals who can walk you through which setup makes sense for your specific situation.
Get a co-ownership agreement. Seriously.
This is the part people skip because everything feels fine right now and writing it all down feels a bit awkward. Don’t skip it.
A co-ownership agreement is a legal document that sets out exactly how the arrangement works, and what happens when things change. It should cover things like how costs are split, what happens if one person wants to sell and the other doesn’t, what happens if someone can’t make their repayments, and how the property gets valued if one person wants to buy the other out.
Having this conversation now, while everything is fine, is so much easier than having it later when stakes are higher and emotions are involved. Think of it as the thing that protects both the investment and the friendship.
Don’t forget the costs beyond the deposit
The deposit is the number everyone fixates on, but it’s not the only upfront cost. Stamp duty, legal fees, building and pest inspections, conveyancing costs and moving expenses all add up, and they need to be factored into your shared budget from the start.
Penny’s costs calculator helps you map out the full picture so there are no nasty surprises on settlement day.
Ready to explore your options?
Co-buying is not the right move for everyone. But for a lot of women it’s the move that finally gets them into the market, building equity, and owning a piece of something real.
If you’re thinking about it, start with the money conversation. Then come to Penny. We can help you understand your numbers, connect you with trusted professionals who know how co-buying works, and make sure you go into it with your eyes wide open.
Log in to Penny today and take the first step.
Sources: CoreLogic Women and Property Report 2025. Housing Australia Home Guarantee Scheme data 2025 to 2026.
This post is general information only and not financial or legal advice. Co-buying arrangements are complex and depend on individual circumstances. Please speak with a licensed mortgage broker, financial adviser and solicitor before proceeding.