Guarantor

Hi all, I’m looking for some advice on my father being a guarantor for my first home. My partner and I have some money saved, but living in Auckland we’re short of 20% deposit. I know we don’t necessarily need the 20%, but it would allow us to access the special rates if we can (and lower repayments?).

We’re thinking if possible to access a portion of the deposit through my dad acting as a guarantor. We’re both on good salary’s and can pay a decent mortgage we think too, so hoping for approval from the bank. Good credit rating, no outstanding debt aside from some student loan remaining, no kids etc.

Just after some advice around the requirements of the guarantor, how repayments work eg do we pay off what dad contributed, and then need to sign a new contract?

Thank you & happy new year