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Home ownership is a goal that many Australian’s strive to reach. But with property prices high and rising in many major cities, the dream of owning a home can feel like it’s moving further out of reach – and quickly. 

Whether you want to purchase property to escape renting or as an investment for your future self, being a homeowner is something that many of us will experience. But what if you’re finding it difficult to make that initial leap and get into the housing market?

For savvy buyers, there may still be options available to get a foot on the ladder – they may just involve thinking outside the box. Here are five options you may not have thought of:

Buy with a friend or relative 

Did you see the TV show ‘Five Bedrooms’? We’re not suggesting that buying a house with four complete strangers is a good idea – but doing it with people you know…  Well, that’s a different story!

The rationale of buying with your best mates or a loved one is simple: You can split the cost of the deposit and loan. This makes it easier to qualify for a mortgage and meet the loan responsibilities that come along with owning property. 

If you choose to go down this path, it’s a good idea to seek professional advice first. This will ensure you and your property-purchasing buddy have both got an exit plan and can prepare for unexpected events. You need to feel comfortable you know what will happen if one of you becomes unemployed or unable to meet the financial commitments for any reason.

Get a guarantor loan

Guarantor loans involve a third party – usually a parent, extended family member or friend – putting up their own asset as a guarantee against your loan. That asset could be their own home or an investment property, and it gives your bank or lender security in case you cannot keep up with your repayments for any reason

While guarantor loans help borrowers who may not otherwise qualify to get a loan, they do come with risks for the guarantor. If you cannot pay back the loan, the lender can ask the guarantor to pay back the loan and if they can’t, they can repossess the asset so it’s not something that you should enter into without thorough consideration.

Consider ‘rentvesting’

If you can’t yet afford to buy your perfect dream home, but do qualify for a smaller loan, you could think about using ‘rentvesting’ as your way into the property market. But what is rentvesting? It involves renting a property to live in that suits your lifestyle (e.g., close to schools or work), and gives you the opportunity to own an investment property that suits your budget.

Basically, you own a property but someone else lives in it, while you live in a rental. Often, owners use the rental income they earn on the investment property to pay their loan, their own rental costs, and other property-related expenses. 

One risk with this strategy is overcommitting. The costs may outweigh the income your investment property generates, so it’s important to do the sums beforehand – seek professional advice if you need it.

Look farther afield 

Regional cities and towns are growing at a rapid pace and often offer the same lifestyle opportunities as capital cities, at a lower cost. If moving out of the Perth metro area is an option for you, you could consider a tree or sea change to a property market that isn’t as competitive – or as pricey!   

Since the pandemic, there has been an increase of people moving out to regional areas thanks to workplaces offering more flexibility and remote-working options, and property prices have – just like in Perth – risen, but there are still bargains to be had. For example, the median house price in Northam is $310,000 and in Mount Barker it’s $340,000 (according to REIWA data).

Take advantage of government schemes

Depending on where you plan to buy and live, there are several government initiatives to help get you started. These include: 

  • First Home Buyers Grant – A scheme funded by the state government, where eligible first-home buyers planning to live in their property get a grant of $10,000. Learn more.
  • Help to Buy – A scheme set to arrive later this year in which the federal government offers eligible buyers a contribution of up to 40 per cent of a home’s cost, in exchange for proportional equity. Learn more
  • First Home Super Saver Scheme – A program that allows savers to build up their deposit within their superannuation while benefiting from tax concessions. Borrowers can save up to $50,000 in their super account and then withdraw it when they’re ready to apply for a loan. Learn more.
  • WA specific options – Visit the Department of Communities website to see what options are available, including the Rental Sales Scheme, Transitional Housing and Home Buyers Assistance Grant. Learn more.


If you’re looking to buy your first place, our home loan specialists can take the guesswork out of home loans and answer all your home-buying questions. Submit an enquiry to the team, visit us in branch or call us on 13 25 77 for assistance. Alternatively, a broker will also be able to help.

Banking and Credit products issued by Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs.