Has NAB stopped doing family guarantee home loans?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Has NAB stopped doing family guarantee home loans?

Post by Otto Dargan »

Hi Stokesy,

Yes, you're right about NAB.

The lending policy around their family guarantee loan has changed significantly:
  • The guarantor's property must be an investment property that they own and not their family home.
  • Secondly, NAB is no longer accepting second home buyers, which means investors. If you're a first home buyer, you can still qualify!
  • Finally, the NAB family guarantee only allows you to borrow up to 95% Loan To Value Ratio (LVR) which means you still need a deposit!
Unfortunately, these changes effectively defeat the purpose of getting help from mum and dad.

Luckily, there are still lenders offering 105% guarantor loans even on the guarantor’s owner-occupied property to buyers, allowing you to borrow 100% of the property value plus the costs of completing the purchase.

It's a real no deposit solution!

Please speak with one of our experienced mortgage brokers on 1300 889 743 or by completing our free assessment form and we can help you qualify for a 105% guarantor home loan.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Has NAB stopped doing family guarantee home loans?

Post by Otto Dargan »

Hi Stokesy,

Yes, you can use a debt consolidation guarantee and consolidate some minor debts, such as your credit card debt, into your mortgage.

By using the guarantor option, the bank is willing to lend up to 105% of the property value to cover stamp duty, conveyancing fees, home loan set up costs and other legal costs.

Debt consolidation allows you to consolidate up to 5% of the property value in debt which effectively means you can borrow up to 110%.

You can take years off paying back your credit card debt by paying back your interest at much lower home loan interest rates.

As a general rule, a borrower must have made perfect repayments on their debts for the last three months, in some cases up to six months.

Speak with one of our brokers that specialise in guarantor home loans by calling us on 1300 889 743 or by completing our free assessment form today!

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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