Expert warns of ‘catastrophic’ risks for bank of mum and dad

Financial adviser Patricia Howard has seen many families torn apart by unintended financial consequences from using the bank of mum and dad. Picture: Supplied. Families who use the bank of mum and dad to help buy a home can face heartache and catastrophic financial consequences when things don’t go to plan. Just ask financial adviser, author and mother-of-three Patricia Howard who, in her professional life has seen many situations where this has occurred – sometimes with devastating results. It even inspired her to write a book to help parents thinking about assisting their adult children purchase a home, along with a conversation she had with one of her sons about his own future property hopes. RELATED: Staggering number of Aussie parents helping their kids buy a home revealed Melbourne mum’s battle to evict tenant for her daughter Property expert whose six-year-old daughter bought a home on Melbourne investors’ return Ms Howard is Melbourne-based Howard Osmond Wealth’s managing director and also a former senior financial journalist with The Australian, The Australian Financial Review and The Age. In her book The Bank of Mum and Dad: The No-Regrets Guide to Helping Your Children, ...