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Looking to buy your first home or move into the property market as soon as possible? Struggling to save a large deposit for your home loan? Then a Guarantor Loan could be the right solution for your situation. We at Nice Loans can help you understand how guarantor support works and how you can secure your home loan with greater flexibility.
A guarantor loan is a type of home loan offered by lenders, where a family member (a parent or close relative) agrees to use the equity in their own property to support the loan application of a borrower. This extra security helps in meeting the requirements of a lender without the need for a large upfront deposit, often allowing you to:
Unlike in the traditional co-borrower arrangement, your guarantor doesn’t need to contribute any cash. They are only offering security to the lender and only step in when repayments can’t be made. This helps in reducing the LVR from the lender’s perspective, potentially avoiding LMI while securing better interest rates. Find out how the loan-to-value ratio works.
If you’re struggling with a deposit, some creditors also offer no-deposit home loans. Learn more and get approved today!!!
To qualify for a guarantor loan, most lenders require a strong family relationship between the borrower & the guarantor. Here’s who typically qualifies as a guarantor:
Choosing a guarantor loan may benefit you in several ways. Here are some key features of a guarantor loan:
While a guarantor loan can make it easier for a borrower to enter a market sooner, it's still important to understand both the advantages and potential risks involved with a guarantor loan:
Disclaimer: Loan suitability depends on individual financial circumstances, lender policies, and long-term property plans.
Use our guarantor loan calculator to estimate your borrowing power and explore your options.
We are here to help with your queries. Call us today 07 3114 2281 and get started with your home owning journey.
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Our mission is simple. We make home loans easy, clear, and stress-free for you.
We compare rates from a wide range of lenders to find the best loan for your situation.
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Here are some frequently asked questions by our clients. If you have any specific questions, please don't hesitate to contact us.
A guarantor home loan is a type of home loan that allow your family member (most commonly a parent) to use the equity in their property as security for your loan. This will help you purchase a property with a smaller deposit and also allow you to avoid Lenders Mortgage Insurance (LMI).
Depending on the lender and your financial situation, you may only need about 5-10% deposit in many cases and sometimes no deposit at all.
Many guarantor loans use a limited guarantee. In such loans, guarantor is only responsible for a portion of the loans rather than the full amount. However, in unlimited guarantee structure, the guarantor secures the entire loan amount, providing maximum security to the lender.
Yes. Once the borrower builds enough equity in their property (usually around 20%) or refinance the loan, then guarantor can typically be released.
If you fail to arrange the repayments, then the guarantor may be required to cover the guaranteed portion of the loan. This could put their property at risk.
Since the guarantor provides additional security, many borrowers can avoid paying costly Lenders Mortgage Insurance.
Yes. Some lenders do allow support for both owner-occupier and investment property purchases.
Answer a few quick questions and we'll find the right solution for you.
Select the option that best matches your situation.
Enter the purchase price, how much you'd like to borrow, and your deposit amount.
Based on your loan amount, here is what repayments could look like at current market rates.
How will you be securing this loan?
You may be eligible for the Queensland First Home Owner Grant (FHOG) and stamp duty concessions.
This helps us identify which lenders and products suit you best.
Be as honest as you can — it helps us find the right lender for your situation.
We'll calculate your available equity and find you a better deal.
Based on your refinance amount, here is what repayments could look like.
This helps us identify which lenders and products suit you best.
Be as honest as you can — it helps us find the right lender for your situation.
Select your land situation, then enter the values. Total project value is calculated automatically.
This can be up to your total project value, depending on your deposit.
Based on your construction loan amount, here is what repayments could look like.
How will you be securing this construction loan?
This helps us identify which lenders and products suit you best.
Be as honest as you can — it helps us find the right lender for your situation.
We'll use this to get back to you, usually within one business day.
