Investor guarator loan

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Kelly
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Joined: Sat May 01, 2010 12:08 pm

Investor guarator loan

Postby Kelly » Sat May 01, 2010 12:15 pm

Hi ,
My husband and I currently live in Sydney and would like to purchase a investment property for about $550K in Melbourne. So when we move to Melbourne in a few years time, we will have a home to move into.

We have about $40K saved up for a deposit. To avoid paying mortgage insurance, we would like our parents to guarantee our house using their property.

I was wondering which banks will allow us to get an investor guarantee loan?

Thanks for your time

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

Postby Otto Dargan » Sat May 01, 2010 12:28 pm

Hi Kelly,

You are correct that many banks do not approve guarantor loans for investors. This is for the most part a silly guideline that excludes people in your situation for no good reason. We have some major lenders that can help with a guarantor loan at an excellent rate for investment purposes.

Are your parents pensioners / retired?
Do they have a loan on their property already? If so how much and with which lender?
How much is their home worth approximately?

The size of the guarantee required would be relatively small as you already have a saved deposit. You should also be able to remove the guarantee relatively quickly as your LVR is low to begin with.
Otto Dargan
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P | 1300 889 743
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