Family Support Home Loan is a home buying solution unlike any other. It is a range of financing options that can help you secure a home loan; repay a home loan or a combination of both. The main idea is that both you and your family help secure and fund the loan and/or repayments, together.
Benefits
Family Support Home Loan provides a unique offering to first home buyers to help them enter the property market, even though they may not earn sufficient income to obtain the amount of loan required to purchase their dream home, at the time of application. With family assistance, family members will be able to borrow more funds, because under this loan arrangement family members can give either security support (over their own property as additional security), servicing support (via added support of their own incomes), or decide to offer both security support and servicing support simultaneously. The level of support from family members can be limited or unlimited support in the level of security or servicing support offered.
Considerations
Family members willing to offer security support and/or servicing support, must clearly understand their responsibilities and the implications, should they default. One should consider obtaining an independent legal advice.
