Making your home ownership dream come true

The homeownership dream can seem almost impossible for many young people, with the average price for a house in Australia increasing over the last 10 years from $300,000[1] to $530,000[2].

Research shows that while more than 45% of prospective first homebuyers intend to buy a house with a partner; most rent first; and are generally faced with the rising costs of living, which make it more difficult for them to save a suitable deposit.

Beyond Bank Australia understands the difficulty facing first homebuyers, and offers an alternative option to help break into the property market, in the form of a Parent Equity Home Loan.

With a Parent Equity Home Loan, prospective homeowners don’t require a deposit as they can borrow up to 100% of the purchase price.  Beyond Bank Australia will fund up to 80% of the value of the property to the borrower without requiring lenders mortgage insurance.  That means parents only have to guarantee the remaining 20% plus any additional amount for purchase costs.

Parents need to be willing to use the equity in their own home to guarantee a portion of the first home buyer loan and are only held as guarantor until enough money has been paid off the loan or when the property value increases to reduce the loan amount to property valuation ratio below 80%. After that they are no longer tied to the Parent Equity Home Loan.

Parent Equity Home Loans are just one possible option for homebuyers but it’s not necessarily a one size fits all solution, so the best way to find out if this is an appropriate option for you is to visit our website beyondbank.com.au, call in and see us at your nearest Beyond Bank Australia branch or give us a call on 13 25 85.

Terms, conditions, fees and charges, and normal lending criteria apply and are available on application or on request.