Bank of Mum and Dad: how to help your children buy a home

buy a home

Love Money sets out some great points as a guide for parents to financially support their children and help them buy a home. The Bank of Mum and Dad is ever growing and becoming a world wide phenomenon in relationship lending, now funding over a quarter of all home purchases. BOMAD is constantly helping their children get a foot in the property market and buy a home. However, for many parents, this may not be a feasible option. That’s why Love Money sets out this helpful guide, to help you find the best way to help your children without putting yourself in financial strain. Love Money looks into aspects of helping with a mortgage deposit, gifting money, lending money, guarantor & joint mortgages, and offsetting savings.

Credit: Love Money Staff

Source: www.lovemoney.com

 

A great way to make sure secure the money that you lend to your children and friends is to make sure it’s documented and managed. Credi’s platform helps formalise and manage your loans and takes the worry out of lending large sums of money.

Credi.com, a vital piece of fintech, is one of the fastest growing lending platforms in Australia. We’re an online platform that helps all you millennials and the ‘Bank of mum and dad’ (BOMAD), set up a loan online, document the details, create a repayment schedule, and formalise everything with an agreement and E-signing component. Our fintech platform has already helped hundreds of Australian businesses, friends and families formalise their loans and then manage them – protecting their relationships, avoiding disagreements.

 


 

NOTE: The views and opinions expressed here are mine and do not necessarily represent or reflect the views of Credi Pty Ltd.
Credi Pty Ltd (Credi) is not a bank, provider of legal advice or a financial lender. Credi only provides a platform that allows friends, family and third parties to originate, negotiate and conclude loan agreements amongst themselves. Credi does not provide legal advice, monitor or assess, agree, approve or decline any loan requests nor does the platform perform any funds transfer services.
Credi is not a law firm or legal practise, is not engaged in a legal practise and Credi does not act as lawyers. Nothing on this site is legal advice and you should consult a lawyer to get certainty of your legal rights and obligations.
The use of the Credi platform is governed by Credi’s Terms of Use.

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