Hello Nelly. Welcome to the forums.
You can have your brother as guarantor
and you as a borrower with a property share loan
with some of our lenders on a case by case basis.
Either way, your brother as a borrower or a guarantor is still liable for the debt so legally speaking he is not in any better or worse situation. Think of it this way, if you were to default on the loan then the bank cannot just sell your part of the house! They would have to sell the entire thing.
The bank would require him to get legal advice. Basically, if your brother trusts you then it should be fine.
You have two options. If you want to be one as the borrower and one as guarantor then you can qualify but your lender options are limited. If you are both ok with being borrowers and just agreeing between yourselves that the loan is for both of you then this is the better way to do it and you can apply with any lender and get a better rate.
We specialise in co-investment loans
and can usually find you a solution that fits your needs. The key is to apply with the right lender.
Give us a call on 1300 889 743
or fill in our free assessment form
to find a loan that best suits your needs.