Brokers now have access to a great new loan option from Heritage Bank for their clients - a Family Guarantee loan that allows people to help their family members enter the property market. Heritage's Family Guarantee works by splitting the total amount across two loans - one loan secured by the property being purchased, and the second loan partially secured by an immediate family members' property as guarantors.
This structure reduces the LVR to 80% and helps the borrowers avoid the need for Lenders Mortgage Insurance (LMI), thus making the loan more affordable. It also helps limit the amount that the immediate family member/s are guarantors for, providing them with some peace of mind.
If you would like more information, please contact your BDM.
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