Bank of Mum & Dad: A Smart Move For Your First Home

Home Buyers Australia Podcast

In this episode of the Homebuyers Australia Podcast, hosts Jack Corbett and Damien Walker dive into the crucial role of family support in the Australian property market, focusing on the ever-growing trend of the "bank of mum and dad." As property prices continue to rise, many first-time buyers are turning to their families for financial assistance. From gifting funds to acting as guarantors, this episode provides valuable insights into how family support can be a game-changer in securing your dream home.

You’ll hear all about:

• The growing trend of family assistance in home buying and its impact on the market
• The pros and cons of gifting funds and guarantor loans
• Why legal advice is crucial in protecting both parents and children
• Strategies to mitigate risks and ensure financial stability in family-assisted purchases

TIMESTAMPS:

00:00 - Explaining the Bank of Mum and Dad

03:17 - The Benefits of the Bank of Mum and Dad

05:22 - Deposits, Banks and Lender’s Mortgage Insurance

08:34 - Demonstrating Financial Responsibility and Good Financial Habits

11:00 - Tips for educating parents about the risks and responsibilities of being a guarantor

13:57 - Strategies to Reduce the Risks Associated with Guarantor Loans

17:05 - Avoiding Lender's Mortgage Insurance

19:00 - The Importance of Maintaining Open Communication

21:00 - Balancing Family Involvement and Setting Boundaries

23:00 - Real-Life Examples and Final Thoughts

ABOUT THE PODCAST:

Are you dreaming of owning your own home? Home Buyers Australia is your ultimate guide to navigating the Australian property market. Join mortgage broker Damien Walker and buyer's agent Jack Corbett as they break down the home buying process into easy-to-understand steps.

Damien Walker, a mortgage broker at Atelier Wealth, specialises in helping Australians navigate the complexities of property finance. With years of experience in the industry, Damien’s insights are invaluable for those looking to build a robust property portfolio.

Jack Corbett, a buyer's agent at Corbett Property Buyers, brings a wealth of knowledge in identifying and securing high-potential properties. Jack's expertise ensures clients make informed decisions that align with their long-term goals.

CONNECT WITH US:

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