Looking for your first home loan? It can be a daunting and nerve racking experience. We like to think that we can help reduce the stress and anxiety for first home owners, as well as giving guidance and support in terms of the best deal and loan structure for them. Which is why we feel privileged when past first home clients recommend us to their friends who are on their way to owning their first home.
Given the rising house pricing in Victoria, it is becoming increasingly common for first home buyers to enter the market via a Guarantor Loan. A Guarantor Loan allows family or friend to assist the client to enter the property market without having to outlay cash, you can read more about it here.
In this particular case, this couple had decided to keep their own individual finances, in relation to this purchase, separate. In a mutal agreement one of the partners decided to pay the deposit on the house, but it would be returned on the settlement of the house. As a result, the parents of the other partner were happy for the couple to use their property as guarantor, allowing the couple to borrow over 100% of the purchase price of the property. Which meant that on settlement of the house, the deposit amount paid will be returned to the client allowing the couple to keep their finances from the house purchase separate.
This scenario or case study would be ideal for many who would like to get into the property market with their friends or partners but would like to keep their finances separate. It can get quite complex so if you have any questions please do not hesitate to contact us on (03) 8823 5400 or complete the form below and we’ll get in touch with you.
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