Because we focus on being more flexible and understanding than a traditional bank, we find we get to know our customers quite well. And one thing we've noticed over the years is that too many people have trouble saving for their deposit — it takes them a lot longer to get into their own home than it should.
It's not just you. Everyone finds this difficult. In fact, it takes the average couple nearly five years to save a deposit, and almost half end up needing help from family. In the meantime, house prices just keep going up.
That's why we developed the Parent Assist loan. It's a brand new product, an Australian-first in fact, that allows your parents to loan you up to 20% of the property's purchase price, without using their home as security, without being on the title of the home, and without simply giving you the money.
Parents can go guarantor, but it’s not ideal
Unfortunately, even with help from parents, things haven’t always been ideal. In the past, there were really only three ways your parents could help you get your first home loan.
- They could go guarantor, but that would put their own home at risk.
- They could give (or lend) you some money for your deposit, but many lenders require proof that you’ve saved the deposit on your own, so this may not work anyway.
- Or they could buy the house with you, but then they’re technically co-owners, so you can’t get the First Home Owners Grant or stamp duty concessions...
Parent Assist is better than a guarantor loan
Now, thanks to Bluebay Home Loans, you have a fourth option. One that works for both you and your parents... Parent Assist.
Parent Assist is an innovative way for your parents to lend you up to 20% of the property's purchase price, without using their home as security, without being on the title of the home, and without simply giving you the money. Here’s how it works:
- Mum & dad lend you up to 20% of the property's purchase price
- Bluebay Home Loans takes care of all the paperwork
- It’s a formal loan between you and your parents but at half the interest rate of your mortgage – making the repayments lower than a traditional home loan and improving your affordability (i.e. the likelihood of getting your loan approved)
- Mum & dad’s house is NOT used as security for your home loan
- You could save thousands of dollars on mortgage insurance
- You can still qualify for the First Home Owner Grant and stamp duty concessions (if eligible)
Call 1300 258 229 today
Visit the Parent Assist loan website Fill in our contact form or call 1300 258 229 today for an alternative to a guarantor loan. You’ll find out exactly how Parent Assist could help in your specific situation. Just a few minutes and you could be on your way to your first home.