Family Help to Buy a Home

With such high rents and property prices, it may difficult to purchase a property, but in some cases your family may be able to help, without having to actually give you any money.

Mortgage Insurance

Most mortgage lenders will offer mortgage-insured products, but usually a minimum deposit of 5% of the property purchase price is required.

An median-price house may cost between $400-$500,000, which means you would need to have saved at least $20-$25,000, plus the mortgage insurance premium and property purchase costs (e.g. stamp duty, legal fees, etc.).

It is likely, just to buy an median-priced house in today's market, you need to save upwards of $35-$40,000, just to get in on the ground floor of the property market.

Family Help

In some cases, your family may be able to help you buy your property, without having to give you any money.

Some mortgage lenders offer products which include the ability to accept a limited guarantee from a family member, instead of cash savings.

Of course everyone's circumstances are different, so all parties (including the family member) need to obtain advice from a qualified adviser, before entering into this type of arrangement.

If you think this type of mortgage product might suit you, Contact Us for a Free Financial Assessment.