Can we get a guarantor loan?

Any general questions you might have in regards to loans and finance.
dq1232
Posts: 1
Joined: Sun Mar 14, 2010 12:44 pm

Can we get a guarantor loan?

Postby dq1232 » Sun Mar 14, 2010 1:03 pm

Hi,

Hoping you can give me some general advice as my wife and I are just about ready to buy our first home in the next couple of months. Our combined gross income is $95k, we have no debts, a good credit history and have saved $30k. We'd like to keep our savings and get a 100% guarantor loan with the help of my parents. They own their house, my father is retired with a $200k allocated pension and my mother works part time. Looking to buy a house for a max of $450k. Do you think it will be possible to get a loan? Is there any advice you have for our specific situation?

Thanks.

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Otto Dargan
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Location: Sydney, Australia
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Re: Can we get a guarantor loan?

Postby Otto Dargan » Mon Mar 15, 2010 7:20 am

Yes you can almost certainly qualify for a guarantor loan. In particular these days lenders are looking at your asset position relative to your income and tend to be wary of people who have excessive debts. As you have no debt and significant savings you should have no problems.

For your situation it is just a matter of choosing a lender that can accept elderly guarantors. It is likely that you can qualify with a major lender at an excellent interest rate. We have a broker in our office that specialises in guarantor supported lending, I would recommend that you talk to them now so that you know exactly where you stand.

Thanks
Otto Dargan
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P | 1300 889 743
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