As property prices increase Guarantor Loans are becoming one of the fastest growing loan product available. Your guarantor will provide a guarantee for your home loan which is secured on their property. In most cases, this is your parents assisting you to buy a home.
The good news is
- You don’t need a deposit.
- There is no Lenders Mortgage Insurance – (Saving you thousands of dollars).
- Consolidation of small debts may be available.
- You can limit the size of the guarantee.