{"id":34689,"date":"2020-09-17T01:00:07","date_gmt":"2020-09-16T15:00:07","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/?p=34689"},"modified":"2020-09-17T01:00:07","modified_gmt":"2020-09-16T15:00:07","slug":"bank-of-mum-and-dad-step-forward-during-covid","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/bank-of-mum-and-dad-step-forward-during-covid\/","title":{"rendered":"Bank of Mum and Dad step forward during Covid"},"content":{"rendered":"

The less restrictive lockdown measures on the Surf Coast have meant property sales have continued to flow, and increasingly parents are stepping in to help.<\/p>\n

It\u2019s no secret that property prices on the Surf Coast are likely to surge over the coming years, with more Melbournians and ex-pats looking to set up home-office in Regional areas. With rental property scarcity also on the rise, locals have been catapulted into action to try and secure their own piece of property sooner rather than later.\u00a0 And their parents don\u2019t blame them.<\/p>\n

Where parents are willing and able to help out, the cleanest and often easiest way is via a \u201cnon-refundable gift\u201d. Non-refundable means it is not a loan. If it is a loan, it needs to be treated as a liability that the \u201ckids\u201d must \u201cservice\u201d. (We say kids lightly as some of these kids are in their 50s, of course!). To qualify, parents must provide a signed letter or Stat Dec confirming the situation, and funds need to be provided to the borrower ahead of settlement.<\/p>\n

Provided good savings habits are already evident, it need not be a lot. As little as $10.000 can be enough to fast track the process, and help buyers reduce or avoid Lenders Mortgage Insurance, which can cost thousands.<\/p>\n

The alternative option is a Family Guarantee.\u00a0 In this case, parents must use an existing property (generally one that is mortgage free) as security. It\u2019s not a decision to be taken lightly though, as it effectively means their home or investment property has a mortgage over it, until such time as the total loan is paid down to 80% of the kids\u2019 property value, at which point the parents\u2019 property can be released.<\/p>\n

__________________________________________________________________________________<\/p>\n

For more tips & advice, contact Lanie Conquest or Nicola Tucker at Surf Coast Finance<\/em><\/p>\n

With over 25 years\u2019 banking & financial services experience, she helps local families & businesses make smart financing decisions.<\/em><\/p>\n

M: 0418 938 646<\/em><\/p>\n

E: <\/em>lanie@surfcoastfinance.com.au<\/em><\/a><\/p>\n

W: surfcoastfinance.com.au<\/a><\/em><\/p>\n

\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The less restrictive lockdown measures on the Surf Coast have meant property sales have continued to flow, and increasingly parents are stepping in to help. It\u2019s no secret that property prices on the Surf Coast are likely to surge over the coming years, with more Melbournians and ex-pats looking to set up home-office in Regional […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":151,"featured_media":34690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"post_folder":[],"class_list":["post-34689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nBank of Mum and Dad step forward during Covid - Geelong Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/geelongtimes\/news\/bank-of-mum-and-dad-step-forward-during-covid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Mum and Dad step forward during Covid - Geelong Times\" \/>\n<meta property=\"og:description\" content=\"The less restrictive lockdown measures on the Surf Coast have meant property sales have continued to flow, and increasingly parents are stepping in to help. 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