Although buying a home is one of the most exciting transactions you'll ever make, it can often feel like an uphill battle. Between saving your deposit and hours of research to find home loans you're eligible for, you may be feeling like your dream home is out of reach.
If you're not sure you have enough funds for a home loan deposit, a family guarantee home loan may be for you. Getting a close family to become a guarantor on your home loan could help you get into the property market quicker, all while paying little to no deposit, making your homeownership dreams a reality sooner.
In this article, we'll explain everything you need to know about guarantors and family guarantee home loans, including the risks and rewards associated with these home loans. And if you've still got questions, we'll tell you where you can go next for more information or even some personalised advice:
- What is a guarantor?
- How does a guarantor help me buy a property sooner?
- How can a guarantor help me save an additional fee?
- How can a guarantor help me get a better deal?
- What are the risks involved with a guarantor?
- What are your next steps?
What is a guarantor?
A guarantor is usually a close family member who uses their house (the equity on their house) or another asset as security on your loan. This means
So, how does a guarantor help me buy a property sooner?
With a guarantor, you can
But how can a guarantor help me save an additional fee?
Recent changes to deposit requirements for home loans mean that home loan applicants can still be accepted
What are your next steps?
We hope this article
For more information about these loans, check out our article on everything you need to know about family guarantee loans.
But no matter where you are on your home buying journey, there's always a solution to your problem or another way to move forward.
Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.