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As long as they service as a group it would generally be fine. Some lenders want minimum ownership percentages too.

only legal owners of the property can get a loan secured on that property.

You would have to be on title to take out the loan.

Sounds potentially risky for the parents!

You would generally want to make sure you 1. use as little cash as possible 2. keep loans IO 3. ensure a 100% offset is attached. Seek legal advice on spousal transfer strategy potential. e.g buy in one name now and sell to a spouse at a later date. Also seek advice on spousal loan...