ANZ, Homeside, NAB & Westpac all use the term Family Guarantee for their guarantor home loans. However, each loan has distinct features. Which one is most suitable for you and how do you apply for a loan?

Pricing / Discounts

All four of these lenders will offer their basic loan and professional package discounts for family guarantee loans. There are some significant differences in their pricing and we recommend that you enquire online to speak to one of our brokers who can compare them in detail for you.

• ANZ: Breakfree package & Simplicity plus home loan
• Homeside: Homeplus package.
• NAB: Choice Package & Basic home loan.
• Westpac: Premier Advantage Package & Flexi first home loan.

Lending Policy

ANZ, Homeside & NAB are far more conservative than most lenders when assessing guarantor loans. They expect the guarantors to provide prove that they can afford to repay their portion of the debt, in the event that the borrower is unable to do so. Westpac on the other hand does not have this requirement, however is very inflexible with borrowers who have not been in their job for at least 6 months and credit scores all applications.

Home Loan Features

• Basic Loans
  • Redraw (fees apply)
  • No ongoing fees
  • Low variable rate
  • Internet banking
  • Interest only is available (higher rate for interest only with Homeside)
• Professional Package
  • Redraw
  • Annual fee is payable (monthly fee for Homeside)
  • Discounts on other bank products such as cheque accounts and credit cards
  • 100% offset account
  • Low variable rate
  • Internet banking
  • Interest only is available

Disadvantages

The main disadvantages with the Family Guarantee loans offered by these lenders are:

• The guarantor will be required to prove they have a good income.
• The guarantor will have to provide additional paperwork such as tax returns, tax assessment notices and statements of their current debts.
• Homeside / NAB may not accept second mortgages as security, therefore the guarantor cannot have an existing debt on their property.

If you are unable to fulfill these requirements or they are problematic, then enquire online and we will show you what other guarantor loans are available from other lenders.

Find out more

Enquire online to talk to one of our mortgage brokers that can help you compare these loans to the other guarantor home loans available. For most loans we charge no fees, offer the same loans available from the banks and can help you to protect the guarantor.