What lenders check
- Borrower's serviceability and credit history
- Value and existing debt on the guarantor property
- Size and proposed limit of the guarantee
- A clear plan for releasing the guarantee
Family-supported purchase
Guarantor home loans
Understand family-guarantee structures, limited guarantees and the risks each person should consider.
How lenders may assess the application
A guarantor may provide additional property security to support part of a purchase, which can reduce the effective lending ratio. The borrower must still demonstrate repayment capacity, and the guarantor puts their own property at risk if the borrower defaults.
Documents to prepare
- Borrower income and liabilities
- Guarantor identification and property details
- Current mortgage statements
- Independent legal advice evidence where required
Important trade-offs
- A guarantee is a serious legal and financial commitment.
- The guarantor should obtain independent legal and financial advice.
- Release is not automatic; the lender usually reassesses value and loan conduct.
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