Buying your first home

How do I know if my agent has given me a reasonable appra... Firstly, ask them how they arrived at their opinion and what other homes, similar to yours, have sold nearby recently...
Read more

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.
Back to questions
AMO