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Family Guarantee Policy
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Often referred to as a Third Party guarantee or Family Equity, this is a unique offer to first home buyers to help them enter the property market, even though they may not possess:
1. Sufficient income at the time of application to service the loan repayments
2. Adequate security as loan amount exceeds value of property.
Whilst most lenders only allow one type of support in an application, there are some lenders who will allow both.
Family Equity utilises the policy and procedures for the Guarantors' Support Policy, such as:
1. Guarantors providing security support; this can be limited or unlimited depending on the lender
2. Guarantors providing servicing support
3. Guarantors providing security and servicing support.
Different lenders maintain different policies regarding this type of loan. This is very popular with first home buyers who would like to save on the cost of mortgage insurance and/or want to borrow that little extra knowing that they have economic support to afford it
We know where to go to get this type of loan, approved with full discount rates, from a number of different lending institutions!
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