Purchase a House and Land Package in Perth through a Guarantor Loan

When buying a home in Perth, you will typically need to put down a minimum 5 per cent deposit to get approved for a loan. This requirement can prove challenging if you’re still paying rent. Fortunately, Perth home builders like WOW! Homes say your family can help you buy your new home by acting as a guarantor. Here’s what you need to know:

What is a guarantor?

Many lenders and banks will be more willing to help if you have a guarantor to back you up. A guarantor is anyone who can offer the assurance of loan repayment (but only a portion of the loan) if the borrower fails to fulfil his commitment. This lowers the risk for the lender, who may even decide to lend you as much as 100% of the property’s purchase and construction price.

Now is a Good Time to Purchase New House and Land Packages in Perth

Speaking of Western Australia, it should be worth noting that Perth was named one of The Economist Intelligence Unit’s Top 10 most liveable cities in the world. It would certainly be foolhardy for any new home owner to pass up the opportunity to own a home in such a great city. Despite a recent increase in median property prices, finding the best house and land packages in Perth all boils down to transacting with a trusted builder that caters to first-time home buyers. West Australians who wish to experience the joys of home ownership without unnecessary stress can turn to a company like Wow! Homes.

Of particular importance to any new home buyer is finding a desirable property location. Thanks to improvements made to its infrastructure over the past few years, Perth boasts excellent living conditions overall.