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What is BOMAD?

The so-called “Bank Of Mum And Dad”  has emerged as the 5th largest lender in Australia. It’s parents lending to their children, and also extends to friends and other family members.

50% of first time home purchases have support from the “Bank Of Mum And Dad”, 33% of start-up, and 25% of SMEs are similarly reliant on financial support from Friends and Family.

In reality it’s always been there, its just got a name. Communities around the world use the “Bank Of Mum And Dad” as a starting point in their financial journey, and in the US it’s the second largest source of finance outside of credit cards.

In truth, financial support from those that know and care for us  touches us all, and underpins much of our financial life.

The COVID19 pandemic that is sweeping the world and outside of its impact on people directly health wise, is collapsing financial markets, putting millions of people out of work and causing  untold financial hardship.

In this world where people and nations come together, there is even more  need for “Bank Of Mum And Dad” to step in, support, help rebuild and invest, in our families, friends, communities and their futures.

bomad-logo-1200x472

What is BOMAD?

The so-called “Bank Of Mum And Dad”  has emerged as the 5th largest lender in Australia. It’s parents lending to their children, and also extends to friends and other family members.

50% of first time home purchases have support from the “Bank Of Mum And Dad”, 33% of start-up, and 25% of SMEs are similarly reliant on financial support from Friends and Family.

In reality it’s always been there, its just got a name. Communities around the world use the “Bank Of Mum And Dad” as a starting point in their financial journey, and in the US it’s the second largest source of finance outside of credit cards.

In truth, financial support from those that know and care for us  touches us all, and underpins much of our financial life.

The COVID19 pandemic that is sweeping the world and outside of its impact on people directly health wise, is collapsing financial markets, putting millions of people out of work and causing  untold financial hardship.

In this world where people and nations come together, there is even more  need for “Bank Of Mum And Dad” to step in, support, help rebuild and invest, in our families, friends, communities and their futures.

WHY YOU SHOULD JOIN THE BOMAD COMMUNITY

BOMADers use their own funds to support family members, friends and local businesses

If you are one of millions of people who are lending or borrowing money to or from friends, family or business colleagues, or if you are thinking of doing so, then BOMAD is for you.

BOMADers support each other buying cars, moving home, setting up a business or when things get tight financially with bills

By joining BOMAD you:

  • Find out why a formal agreement is such a good idea – even between family members and the best of friends – whether you are borrowing, lending or even gifting.
  • Receive regular insights, news and stories from the BOMAD community – people just like you.
  • Access the worlds #1 relationship lending platform and discover a cloud based loan management platform designed specifically for use by friends and family to give peace of mind, avoid the pitfalls of informal arrangements, and manage repayments over the life of the loan.
  • Become part of a community that is a real alternative to Banks , Credit Card Companies and SME lenders.

WHY YOU SHOULD JOIN THE BOMAD COMMUNITY

BOMADers use their own funds to support family members, friends and local businesses

If you are one of millions of people who are lending or borrowing money to or from friends,
family or business colleagues, or if you are thinking of doing so, then BOMAD is for you.

BOMADers support each other buying cars, moving home, setting up a business or when things get tight financially with bills

Whether you already have a loan agreement in place to give you security and support you through this process, or even if you have decided that you do not want a formal agreement, BOMAD is still for you.

By joining BOMAD you:

Find out why a formal agreement is such a good idea – even between family members and the best of friends – whether you are borrowing, lending or even gifting

Receive regular insights, news and stories from the BOMAD community – people just like you

Access the worlds #1 relationship lending platform and discover a cloud based loan management platform designed specifically for use by friends and family to give peace of mind, avoid the pitfalls of informal arrangements, and manage repayments over the life of the loan

Become part of a community that is a real alternative to Banks , Credit Card Companies and SME lenders.

BORROWING

So maybe you are considering getting a car, moving home or find yourself a little short financially .

Why go to the big banks when the Bank of Mum and Dad could help?
What’s the best option for you?

LENDING

OK, so your kids have grown up but they have come to you for some financial help.

Will they ever repay you or will they consider any loan a gift? How can you help them the right way?

BORROWING

So maybe you are considering getting a car, moving home or find yourself a little short financially .

Why go to the big banks when the Bank of Mum and Dad could help?
What’s the best option for you?

LENDING

OK, so your kids have grown up but they have come to you for some financial help.

Will they ever repay you or will they consider any loan a gift? How can you help them the right way?

ABOUT BOMAD

Tim K. Dean, Founder of Credi

A message from BOMAD & Credi founder, Tim Dean

About four years ago I opened my own branch of the ” bank of Mum and Dad ” – helping my kids out financially. I found out very quickly that what started off with wanting to be helpful, could end up with an entirely different outcome. Even loans of a few dollars could end up with the dreaded ” money chat “, and a Sunday lunch ruined.

We set out to build a solution for this, and a simple yet effective piece of technology that makes the process easier, safer, and less liable to end in tears. The tips below are what we’ve learned from thousands of Australians behaviour.

My own experience of lending to my kids ( 27 yr old kids mind you ), is that using a toolkit to help the process gives a structure that makes sense to the borrower and lender. We’ve learned that itsd sometimes right to say no, some time to say yes – but not a good idea to be unclear about help needed, and what both parties are prepared to agree and then stick to.

If I can end with the single most important piece of advice when lending to friends and family – its communicate – when setting up a loan ( or not ) , during the loan if there are any problems meeting repayments, and of course at the end.

The bank of Mum and Dad, generally is the best deal in town, lets work to make it a smooth journey.

ABOUT BOMAD

Tim K. Dean, Founder of Credi

A message from BOMAD & Credi founder, Tim Dean

About four years ago I opened my own branch of the ” bank of Mum and Dad ” – helping my kids out financially. I found out very quickly that what started off with wanting to be helpful, could end up with an entirely different outcome. Even loans of a few dollars could end up with the dreaded ” money chat “, and a Sunday lunch ruined.

We set out to build a solution for this, and a simple yet effective piece of technology that makes the process easier, safer, and less liable to end in tears. The tips below are what we’ve learned from thousands of Australians behaviour.

My own experience of lending to my kids ( 27 yr old kids mind you ), is that using a toolkit to help the process gives a structure that makes sense to the borrower and lender. We’ve learned that itsd sometimes right to say no, some time to say yes – but not a good idea to be unclear about help needed, and what both parties are prepared to agree and then stick to.

If I can end with the single most important piece of advice when lending to friends and family – its communicate – when setting up a loan ( or not ) , during the loan if there are any problems meeting repayments, and of course at the end.

The bank of Mum and Dad, generally is the best deal in town, lets work to make it a smooth journey.

READY TO BORROW AND LEND?

The “Bank Of Mum And Dad”, generally is the best deal in town, let’s work to make it a smooth journey.

Access and use Credi.com, our world leading relationship lending platform to manage your borrowing and lending.

Credi manges lending between borrower and lender, from negotiation to agreement, automating repayment management *, and even caters for changes along the way – all designed to give you piece of mind and avoid the pitfalls of undocumented informal agreements .

Let Credi protect your trusted relationships

*In Australia we will shortly automate repayments between borrower and lender.

READY TO BORROW AND LEND?

The “Bank Of Mum And Dad”, generally is the best deal in town, let’s work to make it a smooth journey.

Access and use Credi.com, our world leading relationship lending platform to manage your borrowing and lending.

Credi manges lending between borrower and lender, from negotiation to agreement, automating repayment management *, and even caters for changes along the way – all designed to give you piece of mind and avoid the pitfalls of undocumented informal agreements .

Let Credi protect your trusted relationships

*In Australia we will shortly automate repayments between borrower and lender.

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