The Family Guarantee loan allows people to help their family members to enter the property market. Heritage's Family Guarantee works by splitting the total amount across two loans – one secured by the property being purchased, and the second loan partially secured by an immediate family members' property as guarantors.

This structure reduces the LVR to 80% and helps the borrowers avoid the need for Lenders Mortgage Insurance, thus making the loan more affordable. It also helps limit the amount that the immediate family member/s are guarantors for, providing them with some peace of mind.

Features:-

Immediate family can use equity in their own property to provide additional security for the loan amount. Immediate family is defined as parents, siblings, sons and daughters.

The loan to value ratio is reduced potentially saving the customer a significant amount of money avoiding the need to pay Lender's Mortgage Insurance.

First Home Buyers may be eligible for up to $50,000 cash additional to the borrowings for home improvements if covered by the family members guarantee. This is unique to Heritage.

A few minor debts may be consolidated if they are less than 5% of the purchase price.

Must be used for the purpose of purchasing owner occupied property.

Home Advantage, Fixed and Discount Variable loans available.

Can be used for construction loans.

Available for refinances