Browse Forums Home Finance 1 Jul 15, 2009 3:34 pm http://www.theage.com.au/news/business/ ... 74779.html "Buyers are usually professional couples where both are working, so it's seldom an income issue, but they struggle because they don't have the mandatory 10 per cent deposit. So mum and dad offer security support where the lender takes a limited mortgage over their home or investment property." Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover guarantor home loans 2Jul 15, 2009 3:41 pm Yes we have covered this type of home loan in a few threads. If your guarantors are agreeable, it is definitely an option worth considering. I would accentuate the word agreeable. Re: Article re mum & dad guarantors for home loans 3Jul 15, 2009 9:23 pm My parents-in-law are guarantors for our loan. We didn't have any issue with income, however we didn't have the 20% deposit, and didn't want to pay mortgage insurance, so they helped out! They have guaranteed 20% of our current loan, and will increase their guarantee to cover the additional expense when we build our new house too. yay! Kristi Living the dream. 4 horsey acres in the country. What's the next project??? Re: Article re mum & dad guarantors for home loans 5Jul 16, 2009 9:26 pm We initially asked both of our parents if they would go guarantor on our loan and both were "disinclined to acquiesce to our request". However, coz I messed up when working out how much we were borrowing and how much we could spend on the house, (I left out the mortgage insurance when number crunching ) my parents in law ended up loaning us money to cover the shortfall and then made the offer to loan us some more for a few extras that we were going to work for ourselves (like fending and landscaping, which we had worked out we could do in about 12 months). It was very nice of them to offer the nearly $20k, so in effect they did go guarantor on a good portion, but the bank knows nothing We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16289 go upvc window frames ensure insulation under colorbond. not just sarking, lighter color roof also not sure if you have seen this viewtopic.php?t=5823 last couple of pages… 4 110588 7 12026 |