100% Loan

Any general questions you might have in regards to loans and finance.
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Joined: Wed Feb 10, 2010 7:02 pm

100% Loan

Postby Peta » Wed Feb 10, 2010 7:14 pm

I am looking to borrow between $170000-$180000 for a home loan. While I have some savings ($15000), I do not have enough to cover a deposit and minor renovations. Therefore I am thinking about the guarantor option. My parents and brother jointly own a house and are both willing to be guarantors for 20% of the loan to avoid deposit and LMI -my brother works & my parents are retired.

I am not a first home buyer-I have owned 2 previously (though only for short periods due to divorce) and I have a good credit rating.

I have two children. I currently work 2 part-time jobs totalling about $1500 per fortnight. I also receive child support of $125 per week and family payments of $ 450 per fortnight.

Do you think I would be eligible for a loan?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia

Re: 100% Loan

Postby Otto Dargan » Thu Feb 11, 2010 8:10 am

Hi Peta,

Indicatively you should be eligible for a guarantor loan. It will also depend on how much equity your parents / brother have in their home. Feel free to give us a call and we can go through it in detail with you. Please ask your family how much their home is worth, how much they owe and with what lender before you call us.

Otto Dargan
Mortgage Broker
P | 1300 889 743
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