Guarantor home loans
When push comes to shove, our fam is always there to come through when we need them most. This is a common method that many first home buyers use to get into their first home! Guarantor home loans are where you request a family member to help you get your loan over the line from lenders.
This means that the family member will guarantee that you are a Good person to lend money to and if you were to default on the loan they will help pick up the bill. A guarantor on a mortgage is the person who provides the additional security for your home loan.
The best part is the guarantor doesn’t need to make any outwardly payments (for as long as you are a Good person)!
When it comes to buying a first home, saving a deposit is hard work – and it takes time. A guarantor loan uses the equity in the guarantor’s (i.e. Your family member) property as a safety net for your first home.
A guarantor home loan can be a way to get into the market sooner. You may only need a small deposit. In some cases, you may not need a deposit at all. Your guarantor just needs to sign some paperwork that if for any reason you can no longer service your loan, they are happy to step in and save the day.
Why not drop us a line and find out? We would love to spot you a coffee and discuss your options! Who knows? You might be surprised by what you learn.
Let us help you on your building journey to living the Goodlife.
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