Do you want to buy a property, but have no deposit? A parental guarantee may be an option for you. At Bee Finance Savvy, we often work with clients in this situation. Parental guarantee home loans are quite complex. But they can be a great head start for people trying to break into the property market.
Are you eligible for a parental guarantee?
One of the most complicated parts of the process is determining eligibility. You parents, and their property, will need to meet lender requirements. Then, you, and the property you want to purchase, have to meet these criteria as well.
The value of your parent’s property, and any amount owing on their mortgage will decide if the property is eligible for use as a guarantee. After this, lenders will factor in the value of the property you’re going to buy. On top of this, there are yet more calculations carried out.
With all these requirements and calculations, there’s a lot that can go wrong. Declined applications leave marks on your credit file. These marks can make it harder to apply in the future. So it’s important to get your application right the first time.
This means not only making sure that you’re eligible, but also that you’re applying to the right lender.
Which lender is best for a no deposit, parental guarantee home loan?
It would be nice if there was a simple answer for this question. But between varying circumstances and lender policies, there is no one size fits all answer.
At Bee Finance Savvy, we take the time to carefully go over each client’s situation. After this assessment, we work out their best options moving forward.
We never apply on your behalf unless we’ve first determined your eligibility, and are confident you’ll be approved. This helps avoid unnecessary marks on your credit file. We work with you every step of the way, keeping you informed and on track to reach your property goals.
If you’d like a free consultation, call or text our broker Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at email@example.com . Alternatively, you can fill out the contact us form on this site.
To see how we’ve helped others achieve their goals, take a look at some of our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda
You may also enjoy – https://beefinancesavvy.com.au/guarantor-home-loan-pre-approval-early/