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First Home Buyers

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We make it easier for first home buyers to own their home.  If you are struggling to save a deposit for your first home our family guarantee option maybe the answer to owning you own home sooner.

Family Guarantee Option

Get your home sooner when a family member guarantees part of your home loan.

Do your parents want to help you buy a home?  Our Family Guarantee Option is a way for your parents or family to help purchase a home without them actually providing the cash for a deposit.

How does it work?

Your family members can use their own home’s equity to provide additional security for a portion of your loan amount.  This solution reduces your loan to value ratio and can also save you a significant amount of money by reducing or even avoiding the need to pay lender’s mortgage insurance.  So get into your home faster, with help from your family.

Benefits for the borrower:

  • Avoid paying thousands in mortgage insurance (where the loan does not exceed 80% of the value of the property).
  • Allows you to maximize the amount you can borrow.
  • Gets you out of the rent trap and closer to owning your own home.

Benefits for the family members (guarantor):

  • Allows the guarantor to nominate a specific amount the guarantor is limited to.
  • Once the loan is reduced or the property increases in value the guarantee can be released.
  • Helps adult children purchase a home by using equity in the family members home rather that having to provide cash for the deposit.
More Information

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*Bridges Financial Services Pty Ltd (Bridges). ABN 60 003 474 977. ASX Participant. AFSL 240837.

This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making an investment decision based on this information, you should assess your own circumstances or consult a financial planner or a registered tax agent.  
Examples are illustrative only and are subject to the assumptions and qualifications disclosed.
Part of the IOOF group
In referring customers to Bridges, FCCS does not accept responsibility for any acts, omissions or advice of Bridges and its authorised representatives.