#57 The Bank Of Mum & Dad; Should You Use Them?

Update: 2022-12-01

Description

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.

Comments

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