Buying your first home

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Can my parents help me buy my first home?

Saving for a deposit isn’t easy, especially if you want to save enough to avoid Mortgage Insurance. If your parents are willing and able to help you buy your first home, then perhaps a Family Equity Loan is the way to go.
  • A ‘Family Equity Loan’ or ‘Limited Guarantor Loan’ is a great way of buying your house sooner and avoiding Mortgage Insurance.
  • Your parents are able help you without being left out of pocket because they’re using the equity in their property to cover a portion of the loan
  • However, if you can’t repay your mortgage, your parents would be required to pay the unpaid amount of the loan. In a worst-case scenario, this could force them to sell their home to cover your debt.
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