There
are several ways that your family members – your parents, typically
– can help you towards home ownership. In fact, according to the
National Australia Bank (NAB), more adults are using these methods
nowadays. In the 2015 financial year, the NAB noted that most of the
first home buyers were aged 20 to 29 (73%) and aged 30 to 39 (21%).
There are even some in their teens and, on the other end of the
spectrum, in their 40s.
The
NAB Family Guarantee allows you to buy your first home with your
family member as a guarantor, using their home equity as the security
for your loan.
Lender's
Mortgage Insurance may not be needed anymore, which can help make
things more affordable for you. You can also select from the various
NAB-branded products to find a home loan that suits your situation
best.
There
are other family guarantor loans that will allow you to borrow 100%
of the value of house and land packages in Perth – and sometimes
even more than that. Some of these products won’t require you to
pay a deposit, and others will allow you to consolidate other debts
(such as credit card balances) with it.
If
your parents don’t want to put their assets on the line, they can
give you a lump sum gift or an advanced inheritance, such as their
superannuation benefits. These gifts remove the risk for your parents
and can spare you from expensive taxes.
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