Advice

The benefits and pitfalls of being the Bank of Mum and Dad

February 26 2024 - 4:30am
There is no "one size fits all" strategy, but if you do intend to make a loan to your child it should be documented. Photo Shutterstock
There is no "one size fits all" strategy, but if you do intend to make a loan to your child it should be documented. Photo Shutterstock

The times they are a changing! In the "good old days" couples got married, saved a house deposit, and then, when they became eligible for a loan, spoke to their friendly local bank manager. Today, the bank of Mum and Dad has become one of the top mortgage lenders in Australia.

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