Hello HayleeRo. Welcome to the forums.
Unfortunately, your guarantor/parent needs to own a property to act a guarantor for you. Basically, with a guarantor home loan, they can use their property to secure your home loan. So, instead of having to come up with a deposit, the deposit is guaranteed by your parent's property.
You can still apply for a low deposit home loan with a minimum deposit of 5% of the purchase price.
A 3% deposit home loan is possible, but the lending criteria are very strict.
If you're a first home buyer, you may qualify for the first home owners grant (FHOG) which you can use in combination with your deposit. However, the property has to be new to qualify for the grant. When purchasing an existing property you can get stamp duty exemptions/concessions.
We specialise in low deposit home loans.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a low deposit home loan.
Cheers,
Guarantor on the disability pension
- Otto Dargan
- Mortgage Specialist
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