My partner & I are wanting to purchase our first home. Time is against us & I really don't think we'll be able to get a 20% deposit saved in time.
I know to avoid mortgage insurance we can use a guarantor for the 20%.
What my question is, is whether my mum can be that guarantor or not.
She is 64 & on a disability pension. She owns her home but she owns a relocatable home. So she owns the home but rents the land in a "lifestyle park"
At an estimate, her house would be valued at $200k.
Any offers of knowledge would be greatly appreciated.
Read more: Home loan guarantor restrictions?
