Are you curious to see if a Guarantor Loan will help you into your first property.
In short, yes most definitely. In fact Guarantor Loans were designed to help people into their first home. Read more about Guarantor Loans here.
We recently were successful in helping Jack purchase is first property. Jack was quite keen to purchase and we worked with him on his borrowing power in a number of areas including:
– Buying land as an investment
– Buying property as an investment
– Buying property as an owner occupied property.
– Buying land to build as investment, and
– Buying land to build as an owner occupied
It may all appear that a loan is a loan regardless of its purpose, this is incorrect. For example buying an investment property the maximum loan size will depend on the rental rent received from the property and thus will affect a client’s ability to repay or service the loan. The lower or higher the ability to repay a loan reflects how much you can borrow. As a result we explored borrowing power for Jack for each of these scenarios to help him decide on the best option for him.
Ultimately Jack decided on purchasing a residential property as an owner occupied. Jack had done well to save quite a healthy deposit, however as the loan amount would exceed 80% of the value of the property Jack would have normally had to pay Lender’s Mortgage Insurance. Fortunately Jack’s parents were happy to act as security guarantor to avoid jack having to pay the Lenders Mortgage Insurance, much like this case study (click here). This ultimately saved Jack thousands of dollars which allowed him to purchase his first property and save the money for a new set of wheels.
We look forward to helping Jack in future to grow his property portfolio.
If you think a Guarantor Loan will help you into your new or first home complete the form below and we’ll get in touch with you. [contact-form subject=’Guarantor Loan Enquiry – Jack Case Study’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Phone’ type=’text’ required=’1’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form]