Get Into Your Home Sooner.
Are you struggling to save for a home deposit? A Guarantor Loan could be the key to fast-tracking your homeownership journey.
For many first-home buyers, saving for a deposit can be challenging and time-consuming. Fortunately, a Guarantor Home Loan can help you buy a property sooner by reducing or even eliminating the need for a large deposit.
A guarantor—typically a parent or close family member—agrees to offer a portion of their property’s equity as additional security for your home loan. This means you can borrow up to 100% of the property value without needing to save a full deposit, making homeownership more achievable.
Every financial situation is unique. Our team at Smart Lending is here to help you understand your options and guide you through the process.
A guarantor will stay on your mortgage until your loan i refinanced, arrangements are made with your lender or when the loan is paid off.
Yes, it is possible to have multiple Guarantors for a home loan, as this can provide additional security for the lender. However, the specific requirements and terms for multiple guarantors can vary depending on the lender and the circumstances of the loan.
With a guarantor mortgage, you can borrow funds to purchase a property with a small deposit, under 20%, and avoid paying Lenders Mortgage Insurance (LMI). It is best to speak with a broker from Smart Lending who can go through your situation and understand how much you can borrow with a guarantor.
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