When it comes to buying a house, many first time buyers simply couldn't do it without the help and support of their family.
What is a family guarantee?
It's just as it sounds. A family member, such as a parent, can use the equity in their home as security for your home loan. Before you go looking for a loan, you may like to have a conversation with a family member who could be in a position to be able to help you out.
The benefits of having a family member guarantee your loan
In your particular circumstances, it might be the only way into home ownership. It can sometimes be a struggle for young people to meet the lending criteria if they don't have much of a deposit saved or if they do not have a solid employment history.
Your family just might be your biggest asset
How does it work?
The family guarantee is available on our basic home loans. It's intended for buyers looking for a home or investment property and who will be seeking a loan amount of no more than $750,000.
Guarantors must secure the loan with their first mortgage of an owner-occupied property or investment property. If there is debt on the guarantor's property, this must be refinanced across to Macquarie.
What are the risks for guarantors?
Family members can limit their risk by only guaranteeing the loan up to a nominated amount. They are also entitled to receive statements for the loan so that they are aware of any repayment issues. If the borrower has missed any payments, the guarantor will be obligated to make these payments.
We're here to help
Our experienced team of Home Loan specialists can work with you and your guarantor to help you make your property dream a reality. Call 13 62 27 today.