Should I use a guarantor or save my own deposit for a home?

[CapnMechanist]

Guarantor
Hey blokes—pretty fortunate spot (in my eyes anyway) havin' a guarantor for my first property.

What’s the pros and cons?

Worth havin’ someone go guarantor or best save my own deposit? Or use some savings + guarantor?

Or avoid it altogether?

Turnin’ 28 soon, wanna get into the market while st ill young-ish and make the most of it—but worried there’s cons nobody’s tellin’ me about.

Cheers

 

[HimuraBlueShowerJim]

My wife and I had a guarantor for our first place. Once we'd paid down enough and built up enough equity, we refinanced and got the guarantor removed from the title. It went smoothly for us.

 

[June]

No cons.

Don't disappoint your guarantor. They obviously love you dearly. They want you to get ahead.

Best to get into the market as soon as possible.

Having a guarantor doesn't change anything. Just means they're left with the mess if you can't keep up with repayments.