Marriage and a bond – ask these important questions before making an offer

Buying a home together is a big milestone in any relationship. It’s exciting, but marriage and a bond also come with important financial and legal considerations. Before you and your partner sign on the dotted line, take a moment to discuss these key questions to ensure a smooth homeownership journey.

Who’s paying for what?

Money matters can be tricky, but clarity is key. Will you be splitting the bond repayments equally, or will one of you contribute more? What about other costs, like rates and taxes, maintenance and insurance? Having an open discussion about finances now can prevent misunderstandings later.

Whose name goes on the bond?

Will the bond be in both names, or will one partner apply alone? If one of you has a stronger credit profile, it could result in a better interest rate. However, co-signing a bond means both partners are equally responsible for the debt. Make sure you understand the implications before making a decision.

What happens if one of us can’t pay?

Life is unpredictable. Job losses, illness or other financial setbacks can happen. Have a plan in place for how you’ll manage the bond if one of you is unable to contribute for a while. Consider setting up an emergency fund to cover these kinds of unexpected expenses.

What if we separate?

No one likes to think about the worst-case scenario, but it’s important to be prepared. If your relationship ends, what will happen to the home? Will one of you buy the other out, or will you sell and split the proceeds? A legal agreement outlining these terms can save you both a lot of stress down the line.

How will we handle future financial changes?

Your financial situation will likely change over time. Perhaps one of you gets a salary increase, or you decide to have children, affecting your household income. Regular check-ins about your bond and overall financial goals will help you stay on track.

Buying a home as a couple is a significant commitment – both emotionally and financially. Having these important conversations upfront can strengthen your relationship and give you both peace of mind. Need expert advice? BetterBond can guide you through the process and help you secure the best bond for your future together.