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If I Need Help To Buy A Home, What Should I Do?

Be nice to your parents.

If you can’t save a deposit to get a mortgage or home loan, maybe your parents, a relative or friend can help with a gift, loan, or home loan guarantee.

Financial help with home loans – parental gifts

Obviously, the best kind of loan is one you don’t have to pay back. If someone is willing to give you money to help you buy a home – and doesn’t expect it to be repaid – you’re very fortunate. But make sure you get it documented. Otherwise your lender will consider it a loan that has to be repaid.

Financial help with home loans – parental loans

Your parents might be able to help you with a deposit for a home loan – but they probably want it repaid. Bad luck. Still, this could be a big help, particularly if they are offering the money at a favourable interest rate. Again, you should have the parental loan documented because your lender will want to know the details.

Financial help with home loans – parental guarantees

Your parents mightn’t have any spare cash, but they might be able to help you by going guarantor on your loan. For example, most parents have equity built up in their own home that a lender would consider as security – if your parents were agreeable. However, your parents should be aware that going guarantor on your loan will affect their borrowing capacity, and possibly their retirement lifestyle.

Get specialist help

The mortgage market is extremely complex, and getting what’s right for you is not as simple as visiting your nearest Bank. You need specialist help – the sort of help you get from us at Certified Lending, give us a call today on 0433 590 621 and let us show you how we can help.

"Disclaimer: Your full financial situation would need to be reviewed prior to acceptance of any offer or product"


PO BOX 5093

Cairnlea VIC 3023

0433 590 621

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