Guarantor home loans

Aka, the one backed by mum and dad. Love you guys.


Did you know there’s a bank that will cook your dinner, do your laundry, AND finance your new home? All you need to do is ask. Nicely, of course.

Introducing, The Bank of Mum and Dad (BOMD). You’ve probably met.

Our personal favourite. With more than $34 billion in Guarantor Home Loans under their belt, the BOMD is the nation’s ninth-largest home lender. They’re funding more homes across the country than HSBC, AMP and Bank of Queensland.

Pretty impressive, huh? You’re in the safest, most supportive of hands. Just like being enveloped in one of mum’s legendary hugs.

How exactly does it work?

There are four ways mum and dad can kickstart your mark:

  1. The Guarantor Home Loan
    If your folks have a home, they can use it as security on your own home loan. It means you’ll pay a much smaller deposit, avoid expensive mortgage insurance and even be able to borrow up to 100% of your new home.
  2. The Loan
    Or, your folks can loan you a set sum which you agree to pay back. Although these loans don’t need to be legally documented, it doesn’t hurt. Our tip: Document! Lay out the amount, purpose, term and interest. If only to keep your siblings from kicking up a stink.
  3. The Gift
    Better yet? Free money. If your folks are feeling particularly generous, they can gift you a sum you never have to pay back. Think of it like an early inheritance. Home deposits start from $3,000, so if they can rustle up a gift to this effect you’re well on your way.
  4. The Resource Pool
    You’re already biologically linked for life, so why not link your assets too? With joint ownership, both you and your folks will share your new home’s title. It means you’ll have greater buying power, the capacity to borrow more and pay off your loan sooner.

Expert advice is a couple clicks away


Contact the ones with finance options

You’re unique, and so is your situation. Sometimes speaking to an expert who can make sense of the financials can make all the difference. Our partners at Oui Finance have got you covered, and their advice comes both cost and obligation-free.

Oui Finance

The ones who crunch the numbers
*Correct as of Aug 2021.

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