It’s becoming more and more common these days for parents to assist children in the purchase of their first home. By providing equity in their property, parents can reduce the amount required to be saved by their children and in doing so can also reduce the costs to their children. This works by splitting the total loan across two loans – one secured by the property being purchased and the second loan being secured by a family members property as guarantor. This structure reduces LVR to below 80% and helps the children avoid the need for costly Lenders Mortgage Insurance, thus making it more affordable. We have access to lenders who will typically allow you to borrow 100% of the property price + any costs + other debt consolidation (up to 5% of purchase price) + up to $50,000 for home improvements!
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