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Guarantor Loans – a helping Hand to Enter the Property Market

Danny Masri - Tuesday, August 23, 2011

Guarantor Loans – a helping Hand to Enter the Property Market

First home buyers are thinning out across Australia with a drop of 35% for the 12 months to June 2011 from a year earlier. First home buyers have shrunk from 21% in 2010 financial year to 15.6% in 2011. This reflects growing concerns over housing affordability with the average first home buyer loan increasing over this period and is forcing many first home buyers to look at home loan products commonly known as guarantor loans (sometimes referred to as Family Equity Loans).

While some first home borrowers are choosing to wait and save a deposit, others are looking to take advantage of no deposit products like guarantor loans to fast-track their housing dreams. The advantages include:

  • Borrow 100% of purchase price (105% home loans can be available)
  • Buy with without having a saved deposit
  • Parents can use their equity to help their kids buy a property
  • Save on the cost of Lenders Mortgage Insurance premiums
  • Ability for fast loan approval (no need to wait to save deposit)
  • Take advantage of the current lull in the property market

Call one of our mortgage advisors today to discuss how a Guarantor Loan can help you get your home sooner.





 



 


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