We didn’t want to wait 5 years – or even longer

The Reality Check

“I remember sitting at the kitchen table thinking — are we really going to wait another five years just to build a deposit?”

My partner and I were both working full-time. We could service a loan. That wasn’t the issue.

The issue was the deposit.

We were renting, planning a wedding, and thinking about starting a family. Saving 20% for a $1.1 million property in our preferred area on the Mid-North Coast of NSW felt overwhelming.

We weren’t looking for a shortcut.
We just didn’t want to sit still.

Discovering another way

Rather than shelving the dream, we started researching different ownership structures. We wanted to understand what was possible with what we had and our situation.

That’s when we came across the idea of co-ownership.

It wasn’t about “getting around” anything. It was about structuring the purchase differently.

Sharing our proposal on Letterbox

We posted a proposal outlining:

• We would contribute 70% of the purchase price
• We were seeking a 30% co-investor
• We would live in the property
• We would cover day-to-day costs
• We were open about timelines and long-term intentions

We were transparent about what we wanted — and what we didn’t.

We didn’t want a landlord relationship.
We wanted aligned ownership.

We were open about our timeline and long-term intentions.

Who Responded

A couple in their late 40s reached out.

They had been thinking about retiring to the Mid-North Coast in the future, but they weren’t ready to relocate.

They told us:

“We’ve always imagined ourselves there long term, but we’re not ready to move yet.”

For them, it wasn’t about rental income. It was about participating in a market they cared about, earlier than they otherwise would.

Structuring it properly

Nothing moved forward casually.

Both parties sought independent legal advice. A co-ownership agreement was drafted and negotiated.

The final structure included:

• 70% ownership for us
• 30% ownership for them
• An agreed occupancy payment
• A five-year review point
• Clear exit options

“What mattered most was clarity,” I remember saying at the time. “We needed everything documented properly.”

It took time. It involved lawyers. It required honest conversations.

But that process gave everyone confidence.

Why it worked (for us)

For us:

• We didn’t need to accumulate the full deposit upfront.
• We secured a home in the area we wanted.
• We had a documented pathway forward.

For them:

• They had exposure to a location they believed in.
• They weren’t managing tenants.
• They retained flexibility about future plans.

It wasn’t a “hack.”
It was a structured agreement between adults who understood the risks.

The agreed exit pathways

Before completion, we agreed to revisit the arrangement in five years. The options documented were:

• Sell the property and distribute proceeds according to ownership shares
• One party buy out the other
• Extend the arrangement
• Agree on an alternative pathway at that time

Having these scenarios discussed early prevented assumptions later.

Where we are now

We’re living in the home.

It feels stable. It feels intentional.

Is it risk-free? No.

Property values can move in either direction. Circumstances change. Agreements require ongoing communication.

But for us, the bigger risk felt like doing nothing.

Important Note

This is a user-shared or fictionalised example for illustrative purposes only. It does not represent typical outcomes. Property ownership and co-ownership arrangements carry legal, financial and market risks. Independent legal, financial and taxation advice should be obtained before entering any agreement. Letterbox is a platform for connection only and does not provide financial product advice or handle funds.