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My family would like to help me buy a home. How does this work?

If your parents or any other appropriate family member wishes to help you buy a home, they will be asked to act as your guarantor when you approach the banks for a loan. This means they will help provide a deposit using the equity in their own home.

However, this doesn't mean that they help with your monthly repayments. Lenders don't like or allow for guarantors to be what's called a 'Servicing Guarantor' (Being responsible for the repayments of the home loan).

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