Family Pledge

Get your home sooner when a family member guarantees part of your home loan

Do your parents want to help you buy a home? St.George Family Pledge is a way for your parents or family to help you purchase a home without them actually providing the cash for a deposit.

How Family Pledge works

Your family members can use their own home's equity to provide additional security for a portion of your loan amount. This solution reduces your loan to value ratio and can also save you a significant amount of money by reducing or even avoiding the need to pay Lender's Mortgage Insurance. So you get into your home faster, with help from your family.

• By increasing your security through a guarantee from your family, you may be able to reduce or avoid paying Lender's Mortgage Insurance. Lender's Mortgage Insurance is generally payable on loans that exceed 80% of the value of the property.
• A guarantor can nominate a specific amount to limit the guarantee they provide, subject to the Bank's approval at the time of the request.
• You choose the home loan option that suits you best.
• Your request for Family Pledge is subject to the Bank's approval.

How to apply

When you apply for a home loan you can apply for Family Pledge. For more information, speak to a St.George home loan expert on 13 33 30 or drop by a St.George branch.