Another Option For First Home Buyers

Another Option For First Home Buyers

Home Loans
Many loan brokers are spruiking the ability to use the $20,000 first home buyers construction grant as a deposit to purchase your first home, but did you know there was another option? This option is called a family guarantee. One such family guarantee loan allows for a maximum loan amount equal to 110% of the confirmed value of the purchase property. This allows you to fully fund the new property from your loan along with the bank, government and legal fees (up to 10% of the property value). The catch is the guarantee which requires a family member (ie; parents) to allow the bank to use their property as security. The other catch is that the total debt between you & your parents must be less than 80% of both…
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