At Inspire Mortgage, we understand that the journey to homeownership can be daunting, especially when it comes to gathering the necessary deposit. That’s why we offer guarantor home loans — a path to securing your dream property sooner and saving on costs.
What is a Guarantor Home Loan?
A guarantor home loan allows you to benefit from the equity of a close family member, who guarantees part of your loan. This may allow you to borrow up to 105% of the purchase
price and even help you avoid the costly Lenders Mortgage
Insurance (LMI).
Benefits of Choosing a Guarantor Loan
Own property sooner: With the support of a guarantor, you can purchase your home or investment property with a smaller deposit or sometimes even no deposit at all.
Save Thousands: Avoid the Lenders Mortgage Insurance and secure a sharp interest rate.
Improve your chances of loan approval: Strengthen your loan application with the backing of someone you trust without them contributing financially to your deposit.
Who can be a guarantor
Typically, guarantors are close family members i.e. parents or siblings, who agree to use their own property’s equity to secure your loan. It is a significant gesture of trust and commitment, helping you cross the financial gap to homeownership.
How can I secure a family guarantee loan
Ensure you have sufficient borrowing power. Confirm that the property qualifies as a family guarantee and ensure it has enough equity to avoid LMI fees (engage with our team for a swift assessment).
Decide which family member will serve as your guarantor and evaluate their financial standing.
Discover how our broker can transform your home buying journey. Contact us today for a personalised consultation.
Essential Information
Approval is subject to meeting credit criteria. Fees, charges, terms, and conditions apply. This information is general in nature and does not consider your personal objectives, financial situation, or needs. Before making any decisions, it’s important to consult with a mortgage broker to ensure the advice is appropriate for your individual circumstances.
