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The Bank of Mum and Dad revealed as one of Australia’s largest and most trusting financial institutions, but at what cost?

The generosity of individuals lending money to their children to support them getting their first home or running a small business can be a recipe for disaster without the right protection and documentation in place.

More people than ever are leaning on their parents for support getting in to their first home or starting a new business.

A recent report showed the Bank of Mum and Dad is the 10th largest lender in the country, and funding over $20 Billion in loans.

An article released this week in the Australian Financial Review revealed that the Bank of Mum and Dad is responsible for 25% of SME loans.

Read more

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Tight lending conditions set to increase first-home buyers’ reliance on bank of Mum and Dad

House

First-home buyers are expected to increasingly rely on the bank of mum and dad to get on the property ladder, despite improving affordability in Australia’s biggest housing markets.

Experts say tighter lending conditions mean more buyers will require parental assistance to buy a home, even though median house prices have fallen in Sydney and Melbourne.

Read More

Reference:  https://www.domain.com.au

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The newest addition to Fintech Australia’s board Tim Dean Credi’s CEO

For the newest addition to Fintech Australia’s board, the name of the game is helping WA find its place.

Tim Dean, founder and CEO of relationship-based lending app Credi, will join the board of Fintech Australia following CrowdfundUP founder Jack Quigley’s departure.

Fintech Australia is the fintech industry’s national body, providing everything from networking to advocacy.

Tim said he’s hoping to help WA fintechs, who according to EY currently make up 9% of the industry nationally, carve out their own niche.

“[I’ll] be meeting in August [with the CEO of Fintech Australia] to nut out a whole bunch of initiatives that bring fintech in Western Australia into the fold on a more inclusive basis, but also … to develop some initiatives that give fintech WA its own identity,” he said.

“Having an identity is useful because everyone needs a role to play, and it can be a home for a relationship with Asia, then that suddenly can build as a core strength to its offering.”

Read More

Sign Up For Credi

Source: www.startupnews.com.au

At What Age Are Entrepreneurs Likely to Find Success?

Silicon Valley’s tech workers can go to great lengths to appear youthful—from having plastic surgery and hair transplants, to lurking in the parking lots of hip tech companies to see how the young and promising dress, as chronicled a few years ago by the New Republic.

“There’s this idea that young people are just more likely to have more valuable ideas,” says Benjamin Jones, a professor of strategy at the Kellogg School.

But is this notion accurate?

“If you look at age and great achievement in the sciences in general, it doesn’t peak in the twenties,” he says. “It’s more middle-aged.” Even Nobel Prize winners are having their breakthrough successes later and later in life, Jones found in earlier research. Are the startups of Silicon Valley really an exception?

Source: https://insight.kellogg.northwestern.edu/article/younger-vs-older-tech-entrpreneurs

 

 

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May 2018

Credi May 2018 Stats

Credi, the platform for managing your loan agreements, had a great May 2018.

May saw us reach $68,909,298 AUD loan agreements formalised and managed. With $16,551,776 of these being active/live loan agreements.

We also saw a 4.6% increase in our total user base to 3836.

https://dashboard.credi.com/#/signup?ref=cpw-blog

 

What is Credi Partner?

Credi Partner enables finance professionals to enhance the service they provide to their clients in a smart and cost effective manner by streamlining the administration of client’s loan agreements. Loan types include:

  • Standard – a basic loan agreement one borrower and one lender
  • Division 7A – loans made by private companies to their shareholders
  • Secured – loans secured by an asset other than real property (e.g. company assets, motor vehicles, boats etc.)

Introduce us to your accountant?

partners@credi.com

 

 

 

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Budget 2018 leaves “Bank of Mum and Dad” to help first-time buyers

Cpule use bank of mum and dad to buy first house

With over 50% of first-time buyers getting support from ‘The Bank of Mum and Dad’ , a number of parents were looking to the budget to help shoulder the financial cost of helping their children get into the housing market.

Read more

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CEO Tim Dean live on Channel 9 News

 

Formalise loan agreements with Credi

If you have a business associate, friend or family member who you would like to lend to or borrow from, you can use Credi to document the process.

 

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Majority First-home buyers now use ‘Bank of Mum and Dad’ according to domain.com.au

The majority of first home buyers now borrow from the ‘The Bank of Mum and Dad’. Accounting for more than $20 billion in property loans after shooting 25 per cent higher in the past year.

Read Article 

Source: www.domain.com.au

Want to take the stress out of lending to friends or family?

Credi empowers ‘The Bank of Mum and Dad seamlessly managing your loan agreements avoiding potential disputes.

 

 

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Couple loses £90,000 in what they thought was a loan to their daughter

Fomarlise a loan online with Credi empowering The Bank of Mum and Dad

A misunderstanding in loan terms causes a rift at the bank of Mum and Dad .
Read article

Source: dailymail.co.uk

Formalise a loan agreement with Credi

Credi.com is a world-first relationship-lending platform that empowers ‘The Bank of Mum and Dad’. It is an efficient, cost-effective means of formalising loan agreements between family members, friends and businesses. Credi is a web-based app specially designed to allow you to create, manage and automate your personal lending with friends, family members and business acquaintances. Credi does not lend money, it is simply the software that helps you manage and formalise your lending and borrowing with another party. Reducing potential stress and heartache.

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Credi Corporate Presentation

We would like to share Credi’s latest corporate presentation which as well as being the latest snapshot on Credi, highlights where we see the next six months key activities.
 

The next 6 month plan

  • Onboard over 50 Partners
  • Complete the  integration with Jobhack –  delivering Credi to an additional 40,000 users in 187 countries
  • Launch Credi in hundreds of schools with the Kidpreneur Challenge   – accessing thousands of Australia households partnering with Australians leading Edtech company delivering the only curriculum based entrepreneur  education program, including Credi as a core component to the course.
  • Grow our Tekkon Tech Group to over 20 developers
  • Establish an ” on the ground ” presence in the UK

Establishing loan agreements between friends or family?

Credi is an efficient, cost-effective means of formalising loan agreements between family members, friends and businesses.

https://dashboard.credi.com/#/signup?ref=cpw-blog

Credi has now launched our partner program and is accepting applications. If you are a bookkeeper, accountant or finance professional find out how Credi Partner can save your clients time and money documenting loan agreements   – find out more.