We have been getting good feedback about the St George Family Pledge Product recently so thought we should let you know some of the details.

This solution is particularly useful for first home buyers as it reduces the Loan to Value Ratio (LVR) and can also save them a significant amount of money by reducing or even avoiding the need to pay Lender’s Mortgage Insurance.

The key benefits we have been hearing are:

• No servicing on the guarantors
• Second mortgage OK
• Owner occupied or investment purchases

As with all scenarios you need to ensure you are meeting Best Interests Duty (BID) and responsible lending requirements. Ensure you complete your due diligence including the guarantors in addition to the customer and their ability to services debts.

For more information have a read of the product sheet and reach out to your lender BDM for specific scenario information.