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Is there a bank of Mum and Dad?

Recent research has shown that some 65 billion dollars of loans are obtained through the 'Bank of Mum and Dad' nationally each year making it the fifth highest lender!

This financial assistance came in several forms:

  • rent free living

  • money for deposit

  • acted as guarantor for loans

  • helped with repayments

  • bought as a co-owner

The article is looking at NSW where 33 billion of that national 65 billion is spent and this is likely due to the cost of houses in Sydney but it's a trend that we're beginning to see here too.

There are several ways that parents can help their children to get into the housing market but there are also pitfalls and there are more formalities to ensure that family members investments are protected.

Come and see us anytime to talk about how you can help your family members or how your family members might be able to help you.

The original article is here.