Parents guarantee loan for son's first home.
For first home-buyer Chad, buying his own home had been a dream since he was 15 years old. Just five years later, the 20 year old has just purchased his first house.
Chad was referred to Smartline Mortgage Broker Wendy Perry for finance by a friend. “I decided to speak to Wendy to establish my position and basically work out when I could buy a property. I was very pleasantly surprised when she told me I could buy one straight away,” he said.
Wendy suggested Chad's parents act as guarantors on the loan which would see his mortgage repayments dramatically reduced. “By having Chad’s parents as guarantors on his mortgage, we were able to eliminate the need for him to pay mortgage insurance and achieve a much better interest rate for him – which will literally save him many thousands over the long term,” said Wendy.
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buying my first home
