Cairns Penny has a great loan product that helps those people buying their first home with the support of their parents, or ‘The Bank of Mum and Dad’.
Rather than lending children money, which has a number of potential issues, we support parents to help their children and reward them at the same time. It can also help to avoid the payment of Lender’s Mortgage Insurance, reducing the cost of buying a home.
If you’ve still got children living at home with you well into their twenties you may have felt the frustration of coming home from work and opening the fridge to find that the food you were looking forward to has been eaten. The drier is probably still full of clothes that no one has bothered to take out. Your car’s fuel seems to have evaporated or you can’t move for wet towels on the floor
The bank of mum and dad is sometimes used to fund their children’s deposits when parents really want the place to themselves again!
Or it may be that your children have been working really hard, but the cost of renting is stopping them being able to save a deposit
Whatever the reason, the bank of mum and dad is helping more first home buyers with their deposit than ever before.
That’s why Cairns Penny has developed a home loan that supports both the parents and the home buyer.
So talk to us now and we’ll help you to help your children.
Complete your details here and we’ll contact you or book an appointment now.