Saving for a deposit can be tough, especially when you factor in stamp duty, legal fees, and Lenders Mortgage Insurance (LMI). A Family Guarantee Loan can help you enter the property market sooner, without needing a large deposit or paying costly LMI.
Family Guarantee Loans allow a close family member, often a parent, to use the equity in their home as security for part of your loan. By reducing your loan-to-value ratio (LVR), you can avoid LMI and borrow up to 100% of the purchase price (plus costs, in some cases). Guarantees can also be limited to a specific amount and released sooner as your loan is paid down.
Contact Eadon Home Loans and speak with a mortgage broker who genuinely cares about helping you make the smartest move for you and your family.