- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance, Home sweet home - first home owner finance
Want to borrow 105% of the purchase price of your desired property?
A customer recently approached us wishing to purchase their first property. They did not have a deposit available or funds to cover stamp duty.
Their parents were in a position to help. By offering their own property as a partial security. This allowed our customer to borrow 105% of the purchase price, with no proof of savings required!
The customer could afford to make the repayments on the full purchase price, plus costs. As the bank was taking an interest over both the property that was being purchased and a partial interest over the parents’ property, the loan and purchase became achievable.
Our customers parents did not need to go through a strict process of providing their own financial information. They were only guaranteeing around 20% of their child’s property. Therefore not having their entire property linked to the transaction.
This was beneficial to both the parents and the children. The risk is lower for parents using a limited guarantee rather than a full guarantee over their property. The children get to reach their dream of owning a home without having to go through a long savings process!
If you would like to know how we can assist you, contact Bee Finance Savvy on 1300 140 554 or enquiries@beefinancesavvy.com.au
See what other happy customers have said about us here –https://www.womo.com.au/reviews/Bee-Finance-Savvy-Miranda
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