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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/

 

 

 

The bank of Mum and Dad: the best way to save for a home

Bank of mum and Dad helping to save for a home

To the baby boomers and generations before us, as soon as a child moves out of their family home they are expected to save for a home of their own. However, is this really practical in today’s day and age?

To still be a thirty-year-old and still living in their parents home, is greatly frowned upon. Many people would assume that the individual was dragging their heels and avoiding getting on with adulthood. However, the Irish Times presents us with experiences of thirty-something-year-olds who reason that moving back to their parents home has helped them save for their first property.

With the rising rent and property prices in Ireland, this has driven people to rethink. For many, this alternative has proven to be the only affordable living solution and way that will lead them to gain a foot in the property market.

Stories from Kate McEvoy and Lorraine Carthy highlight similar journies of moving back into their family home to save for a home of their own.

Read the full article by clicking the link below.

Credit: Tanya Sweeney

Source: www.irishtimes.com

 

 

Bank of Mum and Dad equal to the 9th biggest mortgage lender in the UK

Bank of Mum and Dad equal to 9th biggest mortgage lender image

Journalist Isabelle Fraser of the Telegraph in the UK writes of the impact of the bank of mum and dad reporting it to be equivalent to the 9th biggest mortgage lender in the country.

Fraser further states parents in Britain now fund more than a quarter of purchases in the housing market, as their children and the younger geneations struggle to get on the ladder.

Statistics from Legal & General highlight that last year 26% of deposits were paid for with the help of a family member- with parents provididng deposits for an estimated 298,000 mortgages.

Click the link below to read the full article.

Credit: Isabelle Fraser

Source: telegraph.co.uk

 

 

Credi featured on Startup Daily

Startup daily credi feature

Credi, the fintech platform that ‘formalises loans among family and friends to reduce friction’ was featured in this month’s stories of  Startup Daily.

Startup Daily mentions the various lending fintech companies, then introduces Credi, the unique platform with a new approach to relationship lending. They further highlight Credi’s innovative idea of facilitating and managing the lending process, without ‘actually touching any loans or connecting borrowers to lenders’.

Startup Daily identifies at the start of a loan, between family and friends, it starts out with both parties having the best intentions. However, things can quickly turn sour as there is rarely clearly-stated terms or agreements. As a result, relationships become at risk and sometimes issues arise.

Tim Dean, CEO of Credi, perfectly states in the article, “We want to save relationships from the strain of financial dealings by turning informal agreements into credible, manageable and formal ones. We believe that by looking after reminders, calendaring and contracting on behalf of the lender and borrower we are removing the most fraught aspects of relationship loans.”

Credit: Gina Baldassare

Source: www.startupdaily.net

 

 

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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

 

 

 

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.