If you want to buy a property, but don’t have a deposit, a guarantor home loan might be an option for you. A parental guarantee allows you to borrow 100% of a property’s value. While they can be a great solution, these types of loans are quite complex. Getting a guarantor home loan can be a lengthy process.
The importance of an early pre approval for a guarantor home loan
There are quite a few more hoops to jump through to get this kind of loan. This means that the process can take considerably longer than a normal home loan. There are also more things that can go wrong, so the application needs to be carefully managed.
One thing many people forget about, is the fact that their parents likely have their own mortgage. This means that the lender for this mortgage is also involved in the process. Their part of the process is quite time consuming in itself. This can lead to considerable delays in your lender completing their part.
The bottom line is that parental guarantor home loans can be subject to numerous delays. All these delays can mean a lengthy wait before you can settle on a property.
If you’ve already got a property in mind, these delays can mean the property may be snapped up by another buyer, before you have your finance ready. This is obviously very upsetting!
Bee Finance Savvy – making the process stressfree
At Bee Finance Savvy, we like to make getting a home loan a stress free process for our customers. We do this
through careful planning, and avoiding common problems that lead to delays. For our parental guarantee customers, this means getting them a pre approval as early as possible. We like to do this well before the customer starts looking at property, to ensure there are no disappointments!
If you are thinking of getting a guarantor home loan, get in touch with use today. Our friendly broker Desiree can provide you with an up front, obligation free consultation.
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda
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