ABOUT THE BOMAD COMMUNITY
The so called ” bank of Mum and Dad ” has emerged as one of the largest lenders 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 Friends and Family, 33% of start-up, and 25% of SME’s are similarly reliant on financial support from friends and family.
In reality its always been there, its just got a name. Communities around the world use ” 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, family financing touches us all, and it 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 cause untold financial hardship.
In this world where people and nations come together, there is even more of a need for ” bank of Mum and Dad ” to set in, support, help rebuild and invest, in our families, friends and communities and their futures