Have a good personal credit rating. Generally, people under the age of 18 cannot be guarantors because they do not have all the legal responsibilities of adults. Do you want to buy your first home as soon as you can? We explore 10 tips that first-time homebuyers can take advantage of to enter the housing market faster. Almost anyone can be a guarantor.
It's often a parent or spouse (as long as you have separate bank accounts), but sometimes it's a friend or relative. However, you should only be a guarantor of someone you trust and are willing and able to cover refunds. If you guarantee a loan for a family member or friend, you are known as the guarantor. You are responsible for repaying the loan in full if the borrower is unable to do so.
A guarantor is someone who adds an extra layer of security to your mortgage loan. This is often done through the capital of a property they own (security guarantor) or, less often, through income assistance (service guarantor). When someone becomes your guarantor, you agree to assume part of the risk if your loan payments cannot be made (for whatever reason). Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.
Qualification standards are simply the minimum requirements that a tenant must meet, usually set by the landlord or property manager, to obtain approval in a given building. So, if you're wondering, who can be my guarantor? What are the requirements for a guarantor? And what is the difference between a security guarantor and a service guarantor? Then you're in the right place.