Making it easier for parents to pitch in
Buying your first home is an incredibly exciting time.
It’s that first big step towards making a life of your own and it’s also likely to be the biggest financial commitment any of us will ever make.
For today’s young buyers, it can be daunting enough to find a property let alone finance it.
While interest rates remain low, buying bricks and mortar can be a more affordable proposition, provided you have the savings for a deposit.
That’s where mums and dads decide to pitch in, often helping out with the deposit to ensure their kids aren’t hit with other costs like mortgage lender’s insurance that can really hurt the hip pocket.
We have picked up on this trend and are proud to offer a solution that makes it a whole lot easier for parents to help.
A unique offering within the ‘Total Home Loan Package’, the option of a Parent Equity Loan allows parents to guarantee part of their children’s loan, by using existing equity, while minimising the risk to both parties.
For example, after the home is bought and the loan is paid down to a sufficient amount, the parent’s guarantee can be removed, meaning they are no longer associated with the loan.
And as a part of the personalised service, our staff can walk you through each step so there’s less confusion and less hassle.
We know you want simple, straightforward banking. This is a great example.
Let us know if you have any questions by leaving a comment below.