Re: I need to know....
Posted: Fri May 06, 2016 11:11 pm
The guarantors thing is only going guarantor for the amount it takes to get to 20% so you don't have to pay mortgage insurance. As soon as you pay off 20% of your loan you can take the guarantor out of it. So essentially your parents are risking $80k on a $400k loan. That is if you can't sell the house for what you paid for it if you get in trouble.
You can also borrow 100% plus the stamp duty this way if you choose.
We ended up borrowing 100% and used our savings to pay the stamp duty. The amount we paid for our home loan was virtually the same we were paying for rent for many years.
Best advice is go speak to a mortgage broker.
You can also borrow 100% plus the stamp duty this way if you choose.
We ended up borrowing 100% and used our savings to pay the stamp duty. The amount we paid for our home loan was virtually the same we were paying for rent for many years.
Best advice is go speak to a mortgage broker.