It’s not uncommon to be asked to guarantee a loan for someone else, usually a friend or family member.
It may seem to be a great way to help a child or relative get that car they want, buy a business or get into the property market, however all loans come with risks. It’s important to know the potential downsides of going guarantor, and what to consider if you’re thinking about it.
In the wash up, going Guarantor for someone else’s loan is a big responsibility. Go in with your eyes open and understand what you’re committing to before signing any paperwork.
If you would like to discuss your loan options with us or one of our highly recommended partners, give the team at Steve May a call and start a conversation today.
You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Sensibly Pty Ltd and its authorised representatives (or credit representatives) do not accept liability for any errors or omissions of information supplied on this website
Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
Shanley Financial Planning Pty Ltd trading as Steve May Financial Services (ABN 19 612 825 180) is a Corporate Authorised Representative of (1265706) of Sensibly Pty Ltd (AFSL 533923)
Nick Shanley, Steve May and Luke Styles are Authorised Representatives of Sensibly Pty Ltd (AFSL 533923)