How can my parents help me buy a house? Laura Sillano, Pod Financial
Tue 10:00am 14 Aug 2018Podcast Audio
Buying a house for the first time may seem complicated for some. Applying for a loan, getting an income to support the loan, putting the first deposit in—these are just some of the things people have to deal with during this particular chapter in their journey to owning their first home. When finding the money to make that first deposit seem ardous and challenging, there's an option of bringing in your parents' house as a second security to cover at least 20% of the deposit.
Parental Guarantee, Family Pledge, Security Guarantee or whatever name it may take, lenders offer different types of options on how finance your first home as long as you meet the requirements. Some lenders may require the second security to be strictly immediate family. Most lenders require that the parents in the second security must also be working to reel in the income that could support the loan. Their home must have available equity in it too just so the lender can be confident in accepting your application. Some may be required by lenders to get legal advice so they have a good look of what they're going into as security guarantees.
Now that the lending parameters are more stringent than ever, it pays to get educated about what loan options you have in purchasing your own home. Remember that the whole point for applying is not just to get the loan approved, but to build wealth for a long time. Let experts mortgage brokers like Laura Sillano help you. She can be reached through her mobile number at 0422 320 497
DISCLAIMER: The topics discussed in the video and its accompanying media are shared for general information purposes only. If you find that this option is for you, it's best to sit down with your parents, your lawyer, and your expert mortgage broker Laura Sillano to get specific advice about your circumstance. Again you can contact Laura at 0422 320 497
Meet our resident experts
Robert King
Accountant
Robert is a fully qualified Chartered Accountant, Registered Tax Agent & Xero Guru. He spends his time helping clients through all stages of the business cycle from setting up a business through to its eventual sale.
Laura Sillano
Mortgage Lending
Laura is a Residential Mortgage Broker with over 11 years experience. She is passionate about educating her clients about their options, and provides mortgage lending advice that is grounded by life experience.
Helen Baker
Financial Planning
Helen Baker, founder of On Your Own Two Feet, is an experienced financial adviser and firmly believes in the benefits of having a strong team of professionals to underpin your financial foundations.
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