Also Known as Family Pledge loans, Family Equity is a home buying solution unlike any other. It's a range of financing options that can help you secure a home loan, repay a home loan or a combination of both. The central idea is that both you and your family help secure and fund the loan and/or repayments, together.
Family Equity provides a unique offering to first home buyers to help them enter the property market, even though they may not possess the following attributes:
- Sufficient income at the time of application to service the loan repayments; or
- Adequate security as loan amount exceeds value of property; or
- A combination of both.
Family Equity utilises the policy and procedures for the Guarantors' Support Policy, such as:
- Guarantors providing security support;
- Guarantors providing servicing support; and
- Guarantors providing security and servicing support.