At BDCU Alliance Bank we recognise that family members often want to help out their children with their first home loan and keep control of the amount they guarantee.
With the BDCU Alliance Bank Family Start Home Loan your relatives can do just that, help you get into your first home sooner and control how much security they pledge to your loan.
What’s more, the NSW Government has made it easier through some great initiatives and we can help you through the process.
First time buyers in NSW can take advantage of the following*
You find a home you would like to buy and the shortfall in the deposit you need can be made up by using equity (value) in your parents’ home. The best part is your parents control how much equity they provide for security, and your loan can be set up to pay that amount off first.
This can mean avoiding paying lenders’ mortgage insurance (which can be in excess of $10,000) and waiting an extended period to get into the property market.
Unlike traditional third party guarantees, the family member can determine an amount that they would like to provide as guarantee – somewhere in the range of 0 to 20% value of the home being purchased.
By setting the amount that the family member would like to guarantee they are in control of their equity and can request a loan review at any time to see if their security is still required.
The Family Start Home Loan is a structure that allows members to guarantee other family members on a BDCU Alliance Bank home loan.
Things you should know:
This information doesn’t take into account your objectives, financial situation or needs. Any advice is general advice only. Before acting on information, you should consider whether it is appropriate in your particular circumstances. Terms & Conditions, General Fees & Charges apply, and are available on request.
*For people who build their first home on vacant land and the total value of the house and land does not exceed $750K, for more information visit https://www.nsw.gov.au/improving-nsw/projects-and-initiatives/first-home-buyers/.
Minimum loan amount $150,000. Promotion commences 20 September 2017 and is subject to change/withdrawal without notice.
BDCU Limited ACN 087 649 787 (BDCU) is an agent of Bendigo and Adelaide Bank Limited ACN 068 049 178 AFSL/Australian Credit Licence 237879 in the distribution of BDCU Alliance Bank® branded products and services. BDCU Alliance Bank® branded deposits and loans are deposits and loans of Bendigo and Adelaide Bank Limited.
BDCU also has arrangements with other third parties as detailed in the Financial Services Guide.
BDCU Alliance Bank® is a trade mark of Bendigo and Adelaide Bank and is the brand name of financial products issued by that Bendigo and Adelaide Bank with the assistance of its agent BDCU.