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Canadian parents provide adult children with $24K to move out

Parents give 24K average to help move out

On average Canadian parents gift their children $24,000 so they can move out. Inside Halton digs deep into Canadian Imperial Bank of Commerce’s (CIBC) commissioned poll to found out more about families gifting money.

CIBC highlighted that 76% of parents would happily give money if it’d help their children move out, get married or live with their partner. With 2 out of 3 parents preferring to give their adult child money than have them remain living at home.

On average $24K is gifted, based on the varying income of the sampled parents.

However, lending or gifting large amounts of money can be risky. That’s why Inside Bilton highlights potential negative outcomes involved to help you make the right financial decision.

Read the full article by clicking the link

Credit: Peter Watson

Source: www.insidehalton.com/

 

 

 

Should the bank of Mum and Dad Gift or Loan?

bank of Mum and Dad gift or loan

Katherine Denham from City A.M. brings you an article to help parents decide whether they should gift or loan to their children?

Denham highlights the increasing number of young adults feeling the pinch on their wallets.

With the added burdens of student debt, high property prices and stagnant wages she sees more strain for these individuals to save. Overall, helping to make the idea of owning a home unfathomable for young people.

Denham highlights statistics from Resolution Foundation showing that millennials are the first generation to be worse off in comparison to their parents. So it shouldn’t come as a shock to see most of these individuals turning to the bank of Mum and Dad for financial support and help to get a foot on the property ladder.

Katherine Denham further goes on to discuss the differences between simply giving and lending to children, as well as joint purchasers.

Credit: Katherine Denham

Source: www.cityam.com

 

 

Credi’s #WhatTheLoan – To Help Fund a Start Up

Another week has gone by and another #WhatTheLoan has arrived. This weeks loan is to “help fund a start up.”

 

#WhatTheLoan Start Up

 

 

 

New Zealanders worry about record level of debt

New Zealanders record level of debt

The New Zealand Herald highlights statistics from the Commission for Financial Capability showing Kiwi’s worry for the record level of debt.

One in three New Zealanders believes that they deserve to have money to spend because they work hard, however, many worry about their debt.

Statistics from the 1000 plus people interviewed by the Commission for Financial Capability highlight that collectively, Kiwis were $237.79 billion in housing debt. As well as $15.39 billion in personal consumer debt as of June.

Half of the surveyed individuals disagreed with the statement “I have debt but don’t think about it that much.”

Retirement Commissioner, Diane Maxwell discusses how peoples views are being influenced by what they see around them.

Read more by clicking the link below.

Credit: Tamsyn Parker

Source: www.nzherald.co.nz/

 

 

 

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Australian Anthill feature: Powering the bank of Mum and Dad Internationally

powering the bank of mum and dad internationally

This August Credi was featured in Australian Anthill, where the online publication highlighted our capital raising efforts to raise *correction* $500 thousand, to power the bank of Mum and Dad internationally.

Anthill has mentioned Credi’s work with Wholesale Investor to raise these funds through targeting sophisticated Australian investors. The funds will help Credi introduce our platform to international markets, in particular, the United States, the United Kingdom and New Zealand.

Tim Dean, Credi’s CEO mentions “Credi’s success in Australia has surpassed all of our expectations. Since our launch in April, we now have over a thousand users putting through $28 million of loans on our platform. This success has given us the confidence to go to market and raise the capital we need to accelerate our global rollout, across the Tasman and then Europe and America.”

Anthill goes on to further mention how the platform works and what it can be used for, then summarises by highlighting Credi’s overall growth which will aid in powering the bank of mum and dad internationally.

Read the article in full by clicking the link below

Credit: Anthill Magazine

Source: anthillonline.com/

 

 

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Credi’s CEO Tim Dean Live on Sky News with Ticky Fullerton

Tim Dean, Credi’s CEO was live in Sky News Sydney’s studio this month, talking with Ticky Fullerton. The bank of Mum and Dad is a constant reminder of the significant number of Australian’s lending money between family and friends. Although this process can be seen as unsafe and may put relationships at risk, it’s still something that most Australian’s do.

Tim Dean explains in the interview that Credi.com helps to make this process formalised through an inbuilt contract in Credi’s platform, along with providing users with loan management features. With $28 Million worth of loans and 1000 users on the platform, it’s safe to say Credi is helping Australian’s protect their relationships and lend in a safe and manageable way by formalising the process.

 

Sky News Ticky and Credi

Credit: Ticky Fullerton

Source: SkyNews on Youtube

 

 

 

First Home Buyers Worry About Finances Even With The Help of BOMAD

First home buyers

A new survey from the Canada Mortgage and Housing Corporation (CMHC) shows that first home buyers still worry about their finances even after receiving support from family for a down payment on a home. 18% of first time home buyers shared that their down payment included a gift from family. These individuals who’ve received help from family further said they felt less comfortable with their mortgage debt and were unsure of where to turn if ever in financial trouble.

The Bank of Mum and Dad are a large contributor to the property market and are a significant lender to first-time buyers. However, can BOMAD really make a difference when there’s a broken housing market and now a change in mortgage rules?

Credit: CBC News

Source: www.cbc.ca

 

 

Lending £6.5 billion: The Bank of Mum and Dad

Lending £6.5 billion: The Bank of Mum and Dad

Overall, in 2017, the Bank of Mum and Dad is expected to be one of the greatest lenders in the United Kingdom, lending £6.5 billion. What’s the most popular reason for lending BOMAD lending their children money you ask? The Bank of Mum and Dad continues to financially support their children in buying their first home, as first-time buyers continue to struggle to save for a home. It is believed this struggle of Generations X and Y is a result of intergenerational inequality and the ‘broken housing market’.

Research from the Legal & General and economic consultancy Cebr has reported a 30% increase in lending, from £5 billion in 2016. Highlighting that parents will now be involved in 25% of the UK’s property transactions, funding up to £75 billion in property purchases in 2017.

Credit: Nick Fletcher

Source: The Guardian