Co-ownership plan launched by St George

St George Bank and Australand have launched a co-ownership home purchase plan in an attempt to make housing more affordable. The plan will be piloted in Sydney. It involves a purchaser and an equity partner, typically a parent or relative, both owning separate title deeds for each 50 per cent stake in the property. The purchaser must live in the house and the equity partner benefits from the investment though capital gain only. After 10 years, or earlier by mutual agreement, the agreement is renegotiated or the property is sold.