I Didn’t Want to Drain My Savings — But I Didn’t Want to Keep Moving Every Year Either

A first-person perspective shared for illustrative purposes only.

This is a fictionalised or user-submitted example provided for general information only. It reflects one individual’s personal experience and does not constitute financial, legal or investment advice. Outcomes will vary. Property values may rise or fall. Independent legal, financial and taxation advice should be obtained before entering any co-ownership arrangement. Letterbox is a connection platform only and does not provide financial product advice or facilitate transactions.

Renting Was Adding Up

I moved to Sydney in 2022 after finishing university.

Like most people in their twenties, I rented.

Over two years, I moved three times. Each time came with bond transfers, removalists, application stress, new furniture decisions — and higher rent.

At some point, I sat down and realised how much I had spent.

It was confronting.

I was working full-time as a graphic designer in the CBD. My income was stable. But between rent and cost of living, saving felt slow.

I had managed to put aside around 5% of what a two-bedroom apartment in Parramatta was worth.

It didn’t feel like enough.

The Catch-22

Even with savings, the size of the loan required to buy on my own felt beyond what I was comfortable committing to.

It wasn’t just about whether a bank would approve it.

It was about how it would feel to carry that level of debt alone.

I didn’t want:

• To drain all my savings
•  To stretch myself financially
• To feel locked into repayments that limited my choices

But I also didn’t want to keep moving rentals every year.

Why I Considered a Shared Structure

I started exploring whether ownership had to mean doing it alone.

The idea of a resident/silent partnership appealed to me because it allowed roles to be clearly defined.

If structured properly, I could live in the property and hold a defined ownership share, while others could hold a share without living there.

For me, it wasn’t about avoiding responsibility. It was about reducing the scale of what I was taking on and allowing for further opportunities.

Instead of purchasing an entire apartment, I would be responsible for my agreed portion.

That shift in scale made it feel possible.

Structuring It Carefully

Nothing happened quickly.

We each sought independent legal advice.
We discussed scenarios in detail.
We documented responsibilities clearly.

The structure we agreed to reflected:

• Shared ownership percentages
• Defined financial responsibilities
• An agreed review timeframe
• Exit pathways to be revisited in the future

I also factored in the possibility of renting out the second bedroom to assist with occupancy costs, depending on circumstances.

It wasn’t effortless. It required conversations and paperwork.

But clarity mattered more than speed.

Flexibility Was Important to Me

Your twenties are unpredictable.

I might meet someone.
I might change jobs.
I might want to relocate.

So flexibility was built into the agreement.

We discussed what would happen if:

• I wanted to move out
• The property was rented
• One party wanted to exit

Having those conversations upfront made the arrangement feel more stable, not less.

Looking Ahead

We agreed to revisit the arrangement in several years’ time and consider options then — whether that meant one party buying out the other, selling the property, or agreeing on another pathway.

Nothing is guaranteed.

Property markets move.
Circumstances change.
Plans evolve.

But for me, this structure allowed me to stop renting without feeling financially overwhelmed.

Why It Worked for Me

This wasn’t about “getting around” anything.

It was about finding a structure that aligned with my income, my lifestyle, and my risk comfort level.

It may not suit everyone.

It involves legal and financial complexity.

But for me, it felt like a measured step — not an all-in leap. And at this stage of my life, that’s exactly what I needed.

Important Note

This example is illustrative only and does not represent typical outcomes or expected performance. Property ownership and co-ownership arrangements involve legal, financial and market risks. Individual circumstances vary. Independent legal, financial and taxation advice should be obtained before entering any agreement. Letterbox does not provide financial product advice, financial services or hold funds.