If so, did you know this can be used to help you buy your own home with less deposit?
That’s right! This type of loan is called a Family Guarantee. It works by using the equity in a family member’s home as security against your loan, meaning you pay a lower deposit.
It’s a simple, safe and effective way to reduce the amount of cash you’ll need to start your home-buying journey – so you can get on the property ladder much sooner!
What’s more, a Family Guarantee could mean you avoid paying Lender Mortgage Insurance – that’s an additional saving of up to $14,000!
1. An immediate family member uses equity in their own property as security against your home loan.
2. This reduces the amount of deposit you need to pay, so you can buy your own home with less cash.
Plus, you could save thousands of dollars in Lender Mortgage Insurance.
3. Once you build up equity in your new home, your family member’s property is released!
It’s simple, straightforward, and a great way for first home buyers to purchase their own home sooner!
Stop spending your hard-earned cash on someone else’s mortgage.
Chat to us TODAY and start investing in your own future!
We can talk you through the whole process, so you can get started right away.
Your family want the best for you – and buying a home of your own is one of the best investments you can make in your future.
However, you’re much more likely to secure family support if you show good conduct with money. If you’re planning on asking a family member to help you with a guarantee, here are a few things you can do to make the process easier:
They need to be an immediate family member, which means your parents, siblings or grandparents. Any immediate family member with equity in their property can be a guarantor.
It’s possible, but we recommend you have at least a $5k deposit.
Yes, as long as you have an immediate family member with equity in their property who’s willing to support you in this way.
Once you’ve built up enough equity in your own home, you can make an application for your family’s property to be released earlier than the loan term.
Want more info on how a Family Guarantee can help you buy your own home sooner? Get in touch today and we’ll explain exactly how it works – so you can reach your goal of owning your own home sooner.
Provide us with your details and we’ll be in touch with information on how we can get you into your own home!