Can my partner’s sister be a guarantor for us?

Any general questions you might have in regards to loans and finance.
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Compere artist
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Joined: Wed Mar 23, 2016 3:54 pm

Can my partner’s sister be a guarantor for us?

Post by Compere artist »

I’m planning to buy a house. But I don’t have enough savings yet I want to borrow more than the property price for applicable costs, if possible. I talked with my parents and they weren’t willing to give me a guarantee. So, I’ve discussed this with my wife’s sister and she agreed to give us a guarantee. But I recently heard that banks don’t allow this, is this true? Can somebody at this forum explain this to me?

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Otto Dargan
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Re: Can my partner’s sister be a guarantor for us?

Post by Otto Dargan »

Hi Compere artist. Welcome to the forum.

Banks are very specific about who they’ll accept as guarantors but there are ways to get around this requirement with some lenders. Most banks will only allow guarantee from the borrower’s parents.

However, some lenders can consider guarantees from immediate family members such as siblings, grandparents, spouses, de facto partners or adult children. Friends, workmates or associates aren’t normally accepted because the banks want to make sure that the guarantor has a strong relationship with you.

If someone other than your parents is your guarantor, there are some specialist lenders that can help but you pay a premium to get approved.

With guarantor loans, some lenders allow you to borrow 105% of the purchase price and 110% if you have debts to consolidate.

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

Compere artist
Posts: 9
Joined: Wed Mar 23, 2016 3:54 pm

Re: Can my partner’s sister be a guarantor for us?

Post by Compere artist »

Wow, it seems we have some chances to purchase a house. I want to know more about this, what are the benefits of having a guarantor?

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

Re: Can my partner’s sister be a guarantor for us?

Post by Otto Dargan »

Hi Compere artist,

Guarantor loans have several benefits for you as the borrower: Our mortgage brokers are experts in guarantor home loans. You can discuss your situation and loan needs with one of our mortgage brokers by calling us on 1300 889 743. You can also fill in our free online assessment form and one of us will contact you instead.

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

Compere artist
Posts: 9
Joined: Wed Mar 23, 2016 3:54 pm

Re: Can my partner’s sister be a guarantor for us?

Post by Compere artist »

Thanks Otto for the information. I’ll visit your office in the coming week and discuss further. Cheers.

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