We explain our home ownership process as simply and clearly as we can. There are, however, some terms that may be new to you, so we’ve explained a few of those here.


Is where two or more parties own a house together.

Co-Ownership Agreement

Is the agreement between you and us which sets out the parties rights and obligations, including your rights to buy us out in the future and your obligation to pay us the equity charge.


The items in the house that are moveable such as light fittings, carpet, drapes, stove and dishwasher.

Fee simple – Separate Title

Is the highest form of ownership interest available that can be held in land (compared to a cross lease).

Tenants in common

Is a situation where two or more parties have ownership of a property. Each party has the right to leave their share to a beneficiary.

Independently-assessed market value

A registered valuer independent of you and us who provides an assessment of the market value of the house.

Equity charge

Is the amount you pay us for the use of our money.


A legal document that gives the bank security over the property and is registered against the title to the property.


The bank.


The owners of the house; i.e. you.

Share allocation

The amount of the house that we each own.


The improvements on the land; i.e. the house and chattels.

Mortgagee sale

This can happen in a situation of default where the bank sells the house to repay the home loan.

Power of Attorney

Where one party gives authority to another party to take certain actions if certain circumstances occur.