parents help

Any general questions you might have in regards to loans and finance.
Mezzyboo
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Joined: Mon Feb 15, 2010 12:22 pm

parents help

Postby Mezzyboo » Mon Feb 15, 2010 6:51 pm

Hi,
I have read up on guarantor loans, however my question is slightly different...
My mother has recently inherited about $150,000. She does not own her home and is a pensioner. I do not want to ask her to loan us the money for a deposit, but am wondering if she is able to go guarantor for us? Say if the money was in a term deposit account that couldnt be touched?
My partner and I have been pre approved for up to $400,000, but dont plan on borrowing more than $300,000. We know we can afford to pay a mortgage as our rent is over $1700 p.m. We are just hoping to find a way to borrow without our own deposit.

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Otto Dargan
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Re: parents help

Postby Otto Dargan » Tue Feb 16, 2010 7:37 am

Yes it is possible to have cash as security for a guarantee. Your mother would need to put her funds into a term deposit with the lender you are going with and then they could use this as security for a loan. Note that not all lenders have this option, in fact only a couple allow you to do this.
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