21 January 2022: Heritage Bank’s Plaza Branch and Business Banking Centre in Toowoomba will remain closed for the immediate future while repairs take place following damage from last weekend’s storm.
Our Family Guarantee finance solution is a way for immediate family members, like parents, to help you purchase a home without them providing cash for a deposit.
Your family members can use the equity in their own home to provide additional security for part of your loan amount. This solution reduces your loan to value ratio (LVR).
By increasing your security through a guarantee from your family, you will reduce the loan value ratio of your loan to 80% or less and avoid paying Lender's Mortgage Insurance.
The guarantor can be a new or existing Heritage Home Loan customer or even retain their home loan with their existing home loan provider.
The family guarantee will be released once the amount that the guarantee is limited to, is paid in full, or on request and subject to reassessment and the standard LVR requirements being satisfied. The guarantor or borrower may request a re-evaluation at any time to confirm the LVR, subject to payment of the valuation fee.
First home buyers who are purchasing a property to live in themselves (owner occupied), may be eligible to borrow up to an additional $50,000 to use for home improvements.
If not unsuitable to your financial situation you may be able to consolidate other debts into the loan amount, if they are less than 5% of the purchase price.
Standard guarantee and legal fees will apply. This includes land titles registration fees and the cost of obtaining Independent Legal Advice.
Am I Eligible?
Family members who can provide the Family Guarantee include parents, siblings, sons and daughters.
Available to owner occupiers purchasing their first home or next home.
Available to first home buyers purchasing an investment property.
Individual applicants are restricted to a maximum of one parental guarantee/family guarantee borrowing.