What are the pros and cons to use a co-borrower or a guarantor to increase my chance to get home loan approved?

Using a co-borrower or guarantor to help you get a home loan approved can be a great way to increase your chances of being approved. It can be especially helpful if you have a lower income or a less than perfect credit score. The main benefit of using a co-borrower or guarantor is that it can help you get approved for a loan even if you don’t have a great credit score or enough income to qualify on your own. This is because the lender can use the co-borrower or guarantor’s income and credit score to help you qualify. The downside to using a co-borrower or guarantor is that you are putting someone else’s financial health on the line. If you fail to make your payments, the co-borrower or guarantor is responsible for the loan. This means that if you fail to make your payments, the co-borrower or guarantor’s credit score could be negatively affected. Before deciding to use a co-borrower or guarantor, it is important to make sure that you understand the risks and that you are comfortable with the responsibility of taking on a loan with someone else. It is also important to make sure that the co-borrower or guarantor is comfortable with the responsibility of taking on the loan with you. If you are considering using a co-borrower or guarantor to help you get a home loan approved, it is a good idea to speak to a qualified mortgage broker or financial advisor to discuss your options and make sure you understand the risks and responsibilities. Goodrate is a great resource to check out to compare current interest rate offers. You can visit Goodrate at https://goodrate.com.au/home-loan.