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#57 The Bank Of Mum & Dad; Should You Use Them?
The bank of Mum and Dad has become the 5th largest home loan lender in New Zealand, with an estimated $22.6 billion being loaned out to family members to help them get into a home.
But not everyone has this as an option to them..
Maybe, a sibling or friend can help instead.
Either way, there are some benefits and negatives to using family or friends as a bank
And there is a lot more information you should know before accepting a gift from someone..
Things like:
- How does the bank view it?
- Do I need a lawyer?
- Do I need to pay it back?
- My parents only have equity; can I use it?
All the answers can be found in this week's podcast.
If you need help please click here to book a call.
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By Aaron Cattell (The Mortgage Man)The bank of Mum and Dad has become the 5th largest home loan lender in New Zealand, with an estimated $22.6 billion being loaned out to family members to help them get into a home.
But not everyone has this as an option to them..
Maybe, a sibling or friend can help instead.
Either way, there are some benefits and negatives to using family or friends as a bank
And there is a lot more information you should know before accepting a gift from someone..
Things like:
- How does the bank view it?
- Do I need a lawyer?
- Do I need to pay it back?
- My parents only have equity; can I use it?
All the answers can be found in this week's podcast.
If you need help please click here to book a call.
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