How Westpac's Family Guarantee Home Loan Can Help You Buy A Property
How Westpac's Family Guarantee Home Loan Can Help You Buy a Property
What is the Westpac Family Guarantee Home Loan?
The Westpac Family Guarantee Home Loan is a special loan option that helps borrowers who are unable to meet the requirements of traditional lenders. It allows parents, family members, or other close relatives to use their own property as security against the loan, which means that the borrower doesn't need to have a deposit or have perfect credit. It also means that the loan amount can be higher, up to 95% of the property's value.
How Does the Family Guarantee Work?
The Westpac Family Guarantee Home Loan works by allowing the family member to use their own property as security for the loan. This means that the lenders will take a charge on the family member's property, but the family member won't need to prove that they can make repayments on the loan. Instead, the family member will be liable for the loan in the event that the borrower fails to make repayments.
Benefits of the Westpac Family Guarantee Home Loan
The main benefit of the Westpac Family Guarantee Home Loan is that it allows borrowers who are not able to meet the requirements of traditional lenders to purchase a property. It also allows borrowers to purchase a property with no deposit, which can be a huge help if they don't have the money saved up. Additionally, the loan amount can be up to 95% of the property's value, which means that borrowers can purchase a more expensive property than they would be able to with a traditional home loan.
Who is Eligible for the Westpac Family Guarantee Home Loan?
In order to be eligible for the Westpac Family Guarantee Home Loan, the borrower must be over 18 and have a valid driver's license. The family member must also own a property, which can be a house, flat, unit, or apartment, that is unencumbered and has a minimum equity of 25%. The family member must also be able to provide proof of income.
How to Apply for the Westpac Family Guarantee Home Loan?
Applying for the Westpac Family Guarantee Home Loan is easy. All you need to do is visit the Westpac website and fill in the online application form. You will need to provide your personal details and financial information, including your income and any debts you may have. Once you have submitted your application, Westpac will assess it and you will be given a decision within 24 hours.
Conclusion
The Westpac Family Guarantee Home Loan is a great option for those who are unable to meet the requirements of traditional lenders. It allows borrowers to purchase a property with no deposit, and it also allows them to purchase a more expensive property than they would be able to with a traditional home loan. If you think you may be eligible, then it's definitely worth considering this loan option.
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