Hi all, what are your thoughts/suggestions on being a guarantor to a first home buyer?
Situation:
My sister and husband are FHB, saved up massive deposit but lack the loan amount to buy a decent house in Levin (3 br stand alone house). Most homes are being snapped up so quickly and prices have increased.
My family: We have 2 properties. 1 own home in Auckland, 1 rental in Levin. Only my husband works in the meantime, 3 kids (imagine the costs, we're just surviving). My work ended early this year thus borrowing for another property investment is on standstill until I get back to work.
Based from calculation of 20% LVR and 40% LVR (IP), we still have 200,000 equity that can be used for deposit.
Is there a way that we can still become a guarantor for my sister to buy their first home?
Any way we can get around the bank/lenders on getting them to lend us for another investment property?
Cheers
Situation:
My sister and husband are FHB, saved up massive deposit but lack the loan amount to buy a decent house in Levin (3 br stand alone house). Most homes are being snapped up so quickly and prices have increased.
My family: We have 2 properties. 1 own home in Auckland, 1 rental in Levin. Only my husband works in the meantime, 3 kids (imagine the costs, we're just surviving). My work ended early this year thus borrowing for another property investment is on standstill until I get back to work.
Based from calculation of 20% LVR and 40% LVR (IP), we still have 200,000 equity that can be used for deposit.
Is there a way that we can still become a guarantor for my sister to buy their first home?
Any way we can get around the bank/lenders on getting them to lend us for another investment property?
Cheers
Comment