Buying a home…but need a little help?
A guarantor could be just the help you need, along with a Guarantor Home Loan arranged through Curtis Financial. The unusual circumstance sometimes requires the unfamiliar solution. In today’s market, the Guarantor Home Loan is becoming ever more familiar.
Help from a third party (e.g. spouse or parent). A Guarantor Home Loan is simply a loan enabling you, our client, to purchase a property with the help of a third party using their property as security for your loan. This type of loan is becoming more popular among young people in particular, as they struggle to get their feet on the property ladder.
Guarantor Home Loans do come with specific conditions and the main one from most lenders is their requirement that your guarantor must be a close family member, usually parents/step parents or spouse, though some will consider siblings too.
Offsetting any special conditions to be met are the range of special benefits you’ll enjoy with a Guarantor Home Loan…
Borrow up to 105% of your property’s value
Most lenders currently allow borrowing up to 105% of your property value where the additional 5% above the property value is being used for stamp duty. Some lenders will provide these additional funds for debt consolidation or renovation purposes.
Zero deposit required from you
Bank restrictions and legislation on lending policies mean zero deposit home loans are no longer available. However, we help clients without a deposit realise their dreams and escape the rental trap sooner with assistance from a suitable guarantor.
Home buyers need not delay while saving a deposit – choose a lender who will support a Guarantor Home Loan application. Meet the extra conditions for approval and a Guarantor Home Loan is a fast-track for suitable home buyers.
Avoid paying for Mortgage Insurance
Mortgage Insurance is normally required by anyone with less than 20% deposit. A Guarantor Home Loan can help buy your home without this additional expense, minimising your initial outlay and maximising your monthly disposable income.
Call Curtis Financial on 0400 897 221 to get an understanding of applicable credit criteria and lending conditions and see if you qualify for a Guarantor Home Loan.