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The potential perils of lending money to family
Nine To Noon
English - October 25, 2023 20:15 - 15 minutes - 14.5 MB - ★★★★★ - 8 ratingsNews Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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The "Bank of Mum and Dad" is now estimated to be the fifth-largest lender to Kiwi home buyers, but often a lack of clarity on whether money has been loaned or gifted causes conflict down the track. When large sums of money are passed between family members, it's safer for both sides to have this documented in a formal agreement, says financial ombudsman Susan Taylor.