The Family Helper Home Loan lets you choose from any Endeavour Mutual Bank home loan product – which includes fixed rate, variable rate and interest-only loans – with the added feature of family guarantee.
This feature uses a portion of the equity in a family member’s home as security on your loan which can serve as your deposit and help you bypass having to pay lenders mortgage insurance which is generally due when you borrow more than 80 per cent of the value of your property.
This loan lets you borrow 100 per cent of your property’s value and there is a minimum and maximum loan amount so make sure you’ll be borrowing within this specified range.
While the different features included with your loan depends on which Endeavour Mutual Bank home loan product you choose, many of the interest rates offered are low and most don’t have any establishment or ongoing fees.
The Family Helper Home Loan could be a great option for first home buyers who don’t have a lot saved up for a deposit and have a family member willing to secure a portion of their property on your loan.
Borrowers must also be a member of the credit union in order to take out any home loan with this lender, so this loan would best suit borrowers who are already a member of Endeavour Mutual Bank or who are looking to become a member.
The Endeavour Mutual Bank Family Helper Home Loan gives you the power to choose which loan product you want to tie in with the family guarantee feature – which is a feature especially attractive to first home buyers.
It’s noteworthy to mention that this lender operates mainly in NSW so if you value face-to-face service, it’s a good idea to see if you’re close to a branch location. Endeavour Mutual Bank does, however, offer internet banking to make keeping track of your account convenient.
The Endeavour Mutual Bank Family Helper Home Loan suits a range of borrowers needs since you can choose from any home loan product offered by this lender.