How Can the “Bank of Mum and Dad” Help the Kids Get on the Property Ladder?

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We have all seen the headlines of young couples who keep getting beat at auction.  To boot, with high rents, they find it hard to save for a deposit.

Some banks offer Parental Guarantees that enable kids to get a foot on the property ladder.

In most instances the kids don’t need to have any savings.  And, by using a parental guarantee, they often borrow 100 per cent of the property value, plus any associated costs such as stamp duty.

Interest rates on a parental guarantee loan are at normal residential rates – but they can be complicated to arrange.

If you need assistance, please contact your Chan & Naylor broker.

 

Doug Daniell
Director, Chan & Naylor Finance

Doug Daniell - Chan & Naylor

 

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