Bank of Mum and Dad
Act as the Bank of Mum and Dad
The bank of mum and dad is among Australia’s biggest lenders. According to an article, it accounts for at least $29 billion in funding for kids.
An A.S.A.G. Reverse Mortgage gives parents and grandparents the ability to act as the Bank of Mum and Dad (or BOMD) to their family when they need it most. We find customers wanting to assist their family financially, whether to pay for educational expenses, first home buyer’s deposit, or a mortgage.
An A.S.A.G. Reverse Mortgage allows them to do this without accessing immediate savings and superannuation. It can assist by avoiding depletion of other retirement pillars and affecting long-term retirement funding.
Use A.S.A.G. Reverse Mortgage to be the Bank of Mum and Dad
Before giving the kids money through the Bank of Mum and Dad, be clear whether it’s a loan or a gift. As a loan, it may have an impact on your pension entitlements. It’s important to discuss any financial change with Centrelink in advance to avoid any disruption. Centrelink can be contacted on 132 300.
Intergenerational transfer of wealth should be done in a responsible manner. It is also recommended before committing to any financial decision to discuss your options with a financial planner or advisor to find the best solution for you and your family. However, if you have already done this and your retirement funding is already allocated, you can use A.S.A.G. Reverse Mortgage to contribute to your kids’ financial needs.
Contact us on 1300 002 724 to see how using a reverse mortgage could be part of your retirement planning safely and in control.
What People Say About Us
I have been absolutely thrilled with not just the professional service offered by ASAG but also by their kindness and understanding. Compared to two other major Reverse Mortgage companies who between them took 13 months to decline my application due to me living in a resort I have found Gavin Luka at ASAG extraordinary in his patience with any amount of questions which were answered so promptly and in full. A very happy life ahead.
Kathy on Trustpilot
22 Mar 2022
We are very happy to “highly recommend” Gavin Luka for providing his thoughtful, empathetic, personable yet professional service during the acquisition of loan process. Gavin’s ability to ‘make it happen’ in a calm, seamless manner at a very stressful time for us – meant a lot.
Thankyou Gavin, what a ‘star’. Blessings to you
ASAG are very fortunate to have you on their team. Well done.
Carol Fleming on Trustpilot
9 Mar 2022
This was a very pleasant experience. Plenty of guidance given along the way. Some anxiety but now looking back nothing to be concerned about. Thank you Gavin and his team.
Sandra Phillips on Trustpilot
7 Mar 2022
dealing with paul and gavin was extremely easy and also very pleasureable. if taking out a reverse mortgage i would reccomend asag to anyone.
Bob Manskie Manskie on Trustpilot
7 Mar 2022
I have used this company very recently and especially Gavin.He was so helpful in every way and talked me through everything that I needed to do.He was so polite , understanding and gentle with this gal as I was sick at the time but he just explained it all step by step and made the whole procedure as painless as possible though it wasn’t as easy a procedure as I’d hoped.They always answered the phone promptly and if Gavin wasn’t immediately available he’d always ring back very promptly.I can assure you this company is so easy to deal with.
Heather on Trustpilot
7 Mar 2022