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Guarantor Home Loans

Even if you’ve got almost zilch in savings or you’ve had bad luck with finance in the past, owning your own home is still completely possible (with a little help from your fam).

A common way for first home buyers to get into their first home is with the assistance of a parent or family member. And no, you won’t be asking your ‘rents for money, instead you’ll be asking them to become your loan guarantor.

How Guarantor Loans work

A guarantor loan uses the equity in the guarantor’s (i.e.your parents) property as security for your first home. This is a great option for first home buyers that are finding it difficult to save for a deposit.

We work closely with our in-house finance team who can assist with the application of a guarantor home loan and help first home buyers get into a home of their very own.

The perks of a Guarantor Loan

For some first home buyers, a guarantor may be the perfect way to get into your own home sooner.

With a guarantor you can:

  • Borrow up to 100% of the property’s purchase price (plus fees)
  • Spend less time saving and more time enjoying your new home, because that’s all that matters, right?
  • Avoid paying Lenders Mortgage Insurance (LMI), literally saving you thousands!
  • Improve your chances of being approved for a home loan with the added security

Who can be your Guarantor?

Usually, a guarantor is limited to your immediate family members (ie your parents and spouses), however some lenders may also allow siblings, parents-in-law, step-parents, grandparents or even aunts/uncles to act as a guarantor to help you get into your new home.

*Eligibility requirements may apply and can differ depending on the lender. Speak to our in-house finance team for more information on the full eligibility criteria.

  • Get in touch today!

    Take the first step on the way to realising your first home dream by contacting us today.

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*Finance provided by Harrisdale Pty Ltd trading as The Loan Company ABN 59 088 462 140 (Australian Credit Licence Number 386355). Lender credit criteria, terms and conditions, fees and charges apply. Your full financial situation would need to be reviewed prior to acceptance of any offer or product. BCN 10805.

© Copyright Aussie Living Homes 2020. Building Contractor 10805. Images for illustrative purposes only.

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