A feature and/or benefit where a friend or a family member (guarantor(s) secured or unsecured) assists with either the loan repayments and/or providing additional property to be mortgaged.
However, you may need to convince the lender that you can almost stand on our own feet and the family assistance is nominal. (This approach by lenders had occurred from the unquiet era sparked by the Global Financial Crisis and its effects on the Australia property and employment markets.)
It can also assist eliminate the lender’s mortgage insurer involvement saving thousands of dollars. And in some cases, assist to consolidate your financial commitments into the one or two home loans.
It is an avenue you should explore with family and financially placed friends prior to calling on us to discuss this feature further.
All credit advisors are required to interview the guarantor to ascertain their viewpoint, eligibility, and understanding of the risk and proceed if warranted. To place the guarantor in a well informed position so they can decide on whether they will proceed to the next stage.
CARE: Different lenders treat family assistance proposals differently. So it is important to you that you receive a well rounded knowledge of this benefit by seeking an appointment with us if you are in a firm position to commit.