Is A Family Equity Loan Right For You?
The methods for buying property have changed over the last couple of decades.
In the past, purchasing a home required two incomes but now there are options which can assist people to become homeowners on their own.
One of these strategies is a family equity home loan - otherwise known as a limited guarantor loan.
This type of loan allows your parents or another family member to act as guarantor for part of the mortgage.
As a first home buyer finding the money for a house deposit can be a little bit challenging and with this option you are able to use the equity in one of your family member’s properties to acquire a home loan.
This is one way that you can get yourself out of the rental market and onto the first rungs of the property ladder.
In the instance that you are thinking about the options available to aid you in buying your first home, you may wish to find out more about family equity loans.
This option lets you take advantage of the best elements of a fixed and variable interest home loan option.
For more detailed information on your situation, talk to a Loan Market mortgage broker today.