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So, how do you remove a guarantor from your loan? It can be done in 8 easy steps. #Shorts

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Mortgage Broker Brisbane - Hunter Galloway
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000

Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.

Next steps and settling your first home

Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.

Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.

If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).

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Step 1—Contact your mortgage broker to review your financial situation. Your mortgage broker can give you advice that is specific to your financial situation. Every situation is different so you must talk to someone who knows your unique circumstances.

Step 2— Arrange a bank valuation of your property. Yes the market may say your house is now worth $1 million but sometimes the bank valuation can come back lower than the market valuation. If the bank valuation comes out the same as the market valuation then, great! Even if the bank valuation comes in lower, with the way property values are increasing, it won’t come back too low. In the case of our client, the bank valuation was x amount and they can remove their parents as guarantors.

Step 3—Confirm the total loan amount. Find out how much you still owe the bank. The difference between what you still owe and the current value of your property is the equity that you will use to remove the guarantor from your loan.
Step 4—Make sure you meet the lender’s criteria. Different lenders have different criteria but generally you must make sure your loan repayments were made on time and are up to date for the last 6 months. Also your income, employment and credit history need to meet the bank’s current policy. This is because when you are trying to remove a guarantor, you are essentially making an application with the bank so they will assess you based on your current income—not the income you had when you first got the loan.

Step number 5—Submit a partial release or internal finance. This step is different, depending on whether you are removing your guarantor with an 80% LVR loan or a 90% LVR loan.

If you have a 90% LVR loan, you will need to complete an internal refinance with your lender and the loan will be subject to lenders mortgage insurance approval. If you have an 80% LVR loan, you can submit a partial release.

Let’s look at them one by one. We’ll start with a 90% LVR loan. For example, if you were buying a property for $400,000 and initially borrowed $420,000 using a guarantor loan, then your Loan To Value Ratio (LVR) would have been 105%.

If you had only paid the loan down from $420,000 to $405,000 but your property value had increased to $450,000 you could still refinance with a 90% LVR loan but you will need to pay lenders mortgage insurance (LMI) which is a one-off premium charged by the lender to protect the lender. LMI is compulsory if you are borrowing with an LVR of more than 80%. So, unless your parents are really really pushing you to remove them as guarantors, we recommend waiting to remove your guarantor until your LVR is under 80%.

The good thing about removing a guarantor with an 80% LVR is that you don’t have to pay Lenders Mortgage Insurance.

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