Family Pledge Home Loans

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The Family Pledge home loan is a flexible alternative available to people who are struggling to save for their first home, their next home or an investment property. This allows them to get into the housing market sooner by receiving assistance from a family member(s). This option allows the banks to secure a guarantee from the family member(s) by using the equity in their property.

Benefits of this solutions:

  • Releases the equity in the family home to assist with the purchase.
  • Avoids costly lenders mortgage insurance (LMI).
  • Allows you to choose from a wide range of home loan options.
  • Provides more flexibility.

Bank Loan

$300,000

family-pledge

John & Jane Purchase

Value $300,000

Contribution = 80% of the value of their new house $240,000

John’s Parents House

Value $400,000

Security Deposit = 20% of the value of the house that John & Jane are purchasing is $60,000

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