Saving for a property deposit can be challenging, especially in a rising market.
So here's some good news – if you have a family member who owns a property, I might be able to get you into the market sooner AND save you thousands of dollars.
This would be with a 'guarantor loan', which allows you to borrow your property deposit and transaction costs (such as stamp duty) against the value of your family member's property.
Here's how it typically works:
You borrow 100% of the purchase price and transaction costs
80% of the purchase price is secured by your new property
20% plus the transaction costs are secured by your guarantor's property
Even better, you don't have to pay lenders mortgage insurance (LMI), which can potentially save thousands of dollars.
If you want expert advice about how a guarantor loan might work for you personally, call me on 0474807363.