With home ownership becoming more of a dream rather than a reality for many Aussies, a family guarantee loan is a cost-effective and secure way of getting your child into the property market!
Sounds too good to be true? It’s not! How it works is that a guarantor, a parent or family member, offers their home as security for the loan. Simply put, you can use a percentage of the equity in the guarantor’s home as a deposit for purchasing the new home. If you don’t have the required deposit for your home, a family guarantee loan may be just the solution for you. The security over the guarantor’s property will be held as security until there is enough equity in the property through capital growth and loan repayments.
There are numerous advantages of obtaining a family guarantee loan, including:
- Faster alternative – allows your child to purchase their home much sooner
- Reduces Mortgage Insurance – Mortgage Insurance is payable if the loan is 80% more than purchase price Mortgage Insurance must be taken out. But with a family guarantee loan, this extra expense is avoided
At Acclaimed Home Loans, we tailor our advice to suit your needs. We research various family guarantee loans, so you don’t have to, saving you time and money. Our expert mortgage brokers will be with you every step of the way to ensure that you have a clear understanding of all the relevant factors so that you can confidently make an informed decision that will inevitably impact you for years to come.
For the very best industry advice for choosing the right family guarantee loan, look no further than Acclaimed Home Loans. Give Acclaimed a call today on 0432 657 047 to discuss your options.
Get free expert advice and support to help you make the right decisions.