The Bank of Mum and Dad: personal finance product campaign launch
New service product launch - with a national campaign including front page in The Australian’s SmartDaily section, a national podcast for first homebuyers and a national Channel Seven story.
“The Bank of Mum and Dad is Australia’s ninth-largest lender but often stumbles through big transactions without the lawyers that financial institutions use.
Parents who loan or give money to their children – often to help them into the housing market – can find themselves in horror financial and emotional situations, and risks are rising as home values surge.
Marriage breakdowns, bankruptcies and family fights are among the problems that can severely impact a parent’s retirement and potentially cost them their own home.
Australian Family Lawyers head of asset protect Barry Frakes says Baby Boomers hold the majority of the nation’s wealth and many will share it with their children. He says parents often don’t understand the potential pitfalls of family lending, and more are asking for advice.”