News and Announcements
Credi’s CEO, Tim Dean, Live on Channel 9 News Perth
- Published May 06, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Key Takeaways:
- Credi live on 9 News Perth
- More millennials are turning to the bank of mum and dad for a loan
- The bank of Mum and dad is the 10th largest lender in Australia
Keeping it in the family makes great financial sense and with the banks tightening the lending rules, it may as well be the only bank growing in 2019.
The bank of Mum and Dad has been growing steadily for the last few years, but in reality its always been there, its just that it now has a name and a name means focus, and focus drives usage.
In simple economic terms the generation gap in financial terms is broadening. A CNBC report offered up that $ 30 TRILLION dollars of money is going to move between baby boomers and millennial in the next three decades and a lot of that will be in life financial support in some format or another.
Traditionally the banks wanted these transactions to be gists, but with divorce rates as they are, a loan is more appropriate and the other alternative of ” go guarantor ” is equally unpalatable as people hardly want another financial instruction to deal with – so the results is increasingly a loan.
Watch the video in full here
About Credi Pty Ltd
If you’ve ever loaned your children money you are officially a branch manager of “The Bank of Mum and Dad”. You are also a part of one of fast-growing sectors of the Australian economy. Credi.com was born out of the pressing need to document loans between family members, friends and businesses. It removes the stress, the embarrassment and the risk of legal action, formalising a loan within minutes and without a scrap of costly, time-consuming paperwork.
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