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Parents love their kids and want to help them out. Kids love being able to realise their dreams and their folks can be a big help. But sometimes ‘it’s complicated’.
With the property market moving further out of reach, flat wages and higher personal debt, financial stress is on the increase. And the risks of family loans are very real.
Thankfully, there is a smart and safe way of arranging a loan from the ‘Mum and Dad Bank’.
With the P2C® loan, Fast Debt Help can offer young home buyers the purchasing power they need right now, without needing parental guarantees or risking retirement savings.
The P2C® is a formally documented loan and therefore not a gift. There are many benefits for both generations.
Parents who want to make a P2C® loan, though not currently cash ready, are free to borrow against their existing assets. Repayments made by the borrowers can be set to cover the lender’s own loan repayments. In this case First Debt Help recommends that you take independent financial and legal advice.
Should the borrower default on the P2C® loan, the property is subsequently sold. If there is a shortfall in this sale, the parents will lose some capital. Parents can grant a stay of recovery proceedings in relation to their investment if they wish.
Customer Enquiries: 1800 825 010
Admin Office: 0243696287
Post: PO Box 6100, Kincumber, NSW, 2251
Money Buckets ™ is a Trademark of Starlight Home Loans T/as Fast Debt Help
ABN: 94 145 613 056
Credit Lic 388809
MFAA membership 319292
Affiliates: Second Step Administration RDAA 1668
The Rite Place Pty Ltd trading as Debtrite