Real client stories
Family guarantee helps build first home
Ben and Brett
As with most building projects, costs can add up quickly – but with a family guarantee Ben Sanders and his partner Brett Morcomb saved more than $10,000.
Ben and Brett purchased a block of land on which to build their first home. Once it started to take shape the couple upgraded fittings, extended rooms and made other adjustments, which affected their budget.
"The additional costs meant that we were going to need to pay Lender’s Mortgage Insurance (LMI),” Ben explains.“Sharon advised that one way around this was to arrange a family guarantee.”
“It was important for us that our parents weren’t out of pocket,” Ben says. “It’s our goal to ensure they’re released from the guarantee as soon as possible. So, we’ll have the property valued in a few years’ time to assess the equity, which we’ll use to refinance and, as a result, release our parents’ security.”
Although the family guarantee process was at times a little confusing, they were happy they did not have to get ‘bogged down’ by the detail.
"Without a doubt, using a broker has helped us find the right product for us and structure the loan in a way that saved us as much money as possible,” Ben says. “Sharon’s expertise ensured the whole process moved quickly. If there were any issues, which there were, Sharon sorted them out on our behalf. It has been a hassle and stress free experience.”
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