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What is the ‘bank of Mum and Dad’?
Bank of Mum and Dad Explained
The ‘Parent bank’ is a fun term to describe a genuine and increasingly used source of funds to help the next generation to purchase a property, usually their own home. Parents often have considerable asset value in their own home and/or investment properties. There are several financial tools that can be considered to help parents help their child.
Seek Expert and Independent Advice
This is a complex area of finance, and at OZloans, we can help both parents and child/ren navigate through the best path for their situation, for now and for the longer term. We bring both accounting and the expertise of an independent mortgage brokerage of 20+ years to the table.