Climb On the Property Ladder with Family Assistance
Ever had your eye on that dream house but feeling a bit short on funds? Consider co-owning it with a family member through a family assisted home loan. These loans can be a game-changer for those facing hurdles in meeting the financial criteria for a solo home loan. With the support of family, you might just be able to secure the amount needed to turn that dream of homeownership into reality.
The soaring interest rates and the escalating cost of living pose formidable challenges to the aspirations of first-time homebuyers – casting a shadow on the dream of homeownership. For many prospective first home buyers (FHBs), accumulating a hefty 20% deposit, remains a significant hurdle. However, for those fortunate enough to have supportive parents or siblings with the means to assist financially can fulfil their homeownership dreams.
Beyond helping with the property purchase, family assisted home loans can also alleviate the financial strain of property-related expenses like maintenance, interest rates, and insurance. However, it’s crucial for everyone involved to be on the same page regarding loan terms, expectations, and potential implications.
Get Assistance From Your Local Financial Adviser
If you want to co-own a house with one of your family members, it’s crucial to carefully consider both the potential advantages and drawbacks. We are here to guide you throughout the process.
Contact us to explore the pros and cons of family assisted loans and its terms and conditions to avoid potential pitfalls. Rest assured, all the financial information you share with us will be handled with the utmost confidentiality.
