Finance advice
Otto Dargan

Should you consider a guarantor loan?

By Otto Dargan

A guarantor loan can enable you to buy an investment property without a deposit, but once you take on this type of debt, you should aim to pay it down quickly. 

Blogger: Otto Dargan, director, homeloanexperts.com.au 

You’ve been working hard for a while now and you’re bringing home the bacon. Great! You’ve decided now is the time to get yourself an investment property and you’ve found a nice house in a boom area. Even better!

There’s a problem: travelling, the high cost of living and too many impulsive eBay purchases have played havoc with your savings and you don’t have enough for a deposit.

Thankfully, your mum and dad may be able to help you out with a guarantor loan.

WHAT IS IT?
A guarantor loan is your best bet at buying a property with no deposit because it allows you to use the equity in another person’s property – usually a parent or close relative – as security to purchase a house of your own. It sounds pretty good, doesn’t it?

In fact, it’s now the only way to borrow the full purchase price plus costs, including that pesky stamp duty. That means you can borrow 105 per cent of the property value! While there are many lenders that can offer guarantor loans, there are only two or three lenders in Australia that will accept them for purchasing an investment property.

Many of the smaller lenders don’t offer guarantor loans at all.

IT’S CHEAP!
Guarantor loans usually attract the best interest rates, coming in cheaper than a 95 per cent investment loan. In addition to this, you don’t have to pay lender’s mortgage insurance (LMI) – a one off fee that would normally be charged if you borrow more than 80 per cent of the purchase price.

Some lenders may lend you a little extra to consolidate a small credit card debt or to fund minor cosmetic renovations of the property. This can help you add value to your new investment before tenants move in.

A GUARANTOR IS NOT A GUARANTEE
To get approved, your parents’ property must be in Australia and they must be working or be a self-funded retiree. Pensioners are not normally accepted as a guarantor for an investment loan unless there are mitigating circumstances.

The amount of equity required in the guarantor’s property comes down to the value of the property you want to buy. It is possible for your loan to be approved even if your guarantor has a mortgage on their property.

A guarantor loan can only be used to buy one investment property, so most investors use it to get their foot in the door. Once they have built up some equity, they can refinance and buy more investments.

REDUCING YOUR RISK
Depending on the lender, your parents may not be required to guarantee the entire loan amount. This is known as a limited guarantee, and is typically around 25 per cent to 30 per cent of the loan amount.

Ultimately though, removing the guarantor as soon as you can afford to should be your number one priority. That means no more impulse buys, no new car and no trips overseas until you have paid down the loan and removed the guarantee.

Depending on your property picking skills, it usually takes between three and six years for extra repayments and growth in the value of your property to enable you to apply to remove the guarantee.

If your parents are thinking of putting their house up as security for you, it is important they seek appropriate legal and financial advice. Above all, you need to be conservative, invest prudently and look after your parents. After all, they looked after you.

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About the Blogger

Otto Dargan

Otto Dargan

Otto Dargan is a two-time winner of St George Bank's 'Australia’s Brightest Broker' competition and the managing director of specialist mortgage broker homeloanexperts.com.au

Email:
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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected]u for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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