What's the oldest you can be to be a guarantor?

About Our award-winning mortgage brokers will find you the right mortgage loan for your needs. Your guarantor must be in their right mind and should seek legal and financial advice before making the decision to act as a mortgage guarantor. There are many risks and responsibilities associated with being a guarantor. The guarantor must fully own your property or owe less than 80% of the value of the property on your mortgage.

There is no hard and fast rule with this, but keep in mind that the less equity your guarantor has, the harder it will be to borrow 100% of the value of the property plus the costs of your mortgage loan to avoid paying a deposit and having to demonstrate genuine savings. A guarantor doesn't have to be working. Most Australian banks will not accept a guarantee of security from a retired or elderly guarantor. But remember, not all lenders are created equal.

Your guarantor can be a self-financed retiree, or even with the pension (if you are over 65), provided you get legal advice before signing the loan offer and present a sound exit strategy to the lender. Guarantor mortgage loans are the only way to buy a property without a deposit in Australia. Don't pay mortgage insurance (LMI) from any lender and borrow up to 110%. Are you struggling to manage your unpaid debts? Find out how you can achieve your financial goals by using a debt consolidation guarantee loan.

Do you want to buy a house with your family but don't know how you can do it? A family mortgage is an easy solution that allows you to do just that. Do you want to get into the real estate market but don't have a deposit or have a strong enough income to finance a mortgage? An income-guaranteed mortgage loan can help. Did your parents guarantee you the mortgage? Find out when you are eligible to refinance and when removal of a guarantor is available. Did someone ask you to become a guarantor on your mortgage? Understanding the responsibilities of a guarantor can help you avoid any unnecessary risks.

A guarantor is someone (usually a family member) who helps secure your mortgage loan and potentially increase your borrowing power. They will also ask you about your age. The minimum age for a personal loan is usually 18 and the lender will ask for proof of age, often by means of a birth certificate or passport.

Ryan White
Ryan White

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