huge-rise-in-bank-of-mum-and-dad-loans-be-careful-genders-and-partners

Huge rise in Bank of Mum and Dad loans – Be Careful!

huge-rise-in-bank-of-mum-and-dad-loans-be-careful-genders-and-partners

In 2021 Australia, experts are reporting that more than 60 per cent of first home buyers are relying on their parents to help buy their properties, with the average contribution rising to a record $93,000 – an increase of about 26 per cent in the past 12 months.

The Bank of Mum and Dad (aka BOMAD – a colloquial expression to describe parental lending) is estimated to have outstanding loans of about $35 billion, which makes it the nation’s ninth-largest mortgage lender – bigger than AMP, Citigroup and HSBC Australia, according to analysis by an independent market analyst.