BOMAD Buyers Beware
Buyers beware, especially the growing number of parents and grandparents of young Australians who are turning to the ‘bank of mum and dad’ for help stumping up home loan deposits.
Accounting for $29 billion annually, BOMAD is the nation’s ninth-largest mortgage lender and a port of call for almost 4000 Australian “kidults” every month.
While it’s natural for parents and grandparents to offer what they can, there is a real concern that adult children who borrow from parents are three-to-five times more likely to default on their mortgage within five years.
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