Nor'West News: March 10, 2022

4
Essentially, it’s usually the shortterm
provision of funds to assist
with a house purchase. This can be
by means of acting as a guarantor,
which I have seen come to great grief,
or by lending (for some gifting) money.
Providing funds by its very nature can
become extremely complicated, given
parents don’t always realise exactly
what they could be getting into … and
many of the recipients may not be as
appreciative of this incredible gesture as
they should be. It’s also an international
phenomenon.
Research undertaken by Mark Bogard,
CEO of the Family Building Society
(London), discovered this;
The ‘Bank of Mum & Dad’ is something of
There was also often no transactional
record of what was happening or
repayment schedule documented in
writing.
And what happens when there’s more
than one child and a sense of fairness
weighs heavily on both the parents’
means and conscience.
Compare all of this to the latest
requirements of banks here in New
Zealand where the C.C.C.F.A. (Consumer
Credit Contract and Finance Act) has
created the scenario where lenders can
use an extremely regulated approach to
determining whether or not the applicant
can afford loan repayments. Applicants
must provide three months of recent
consecutive bank statements, and these
Thursday March 10 2022
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An unparalleled lifestyle in magical Moncks Bay
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242 Main Road, Redcliffs - “As-Is, Where-Is”
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Auction: Thursday, 14 March 2019 Unless Sold Prior
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Treasured
Bannister
by two
Place
generations
is a popular
and
cul-de-sac
offering
in
Moncks Bay incorporating from Shag Rock
a truly once
a much
in a
desired
lifetime
north/west
opportunity,
suburb.
this
It's
and right along the Pegasus Bay coastline.
tantalizing
known
home
for
upon
its well
a
maintained
2853m2 section
homes, its This property can potentially be subdivided
which furthers your options and adds
enjoys an leafy overwhelming mature surroundings tranquil setting and being and part
is presented of a to fabulous the market educational an uninsured precinct that another element of interest for buyers.
“as-is, where-is” includes basis. Cobham Intermediate, Burnside Ensconced in a private lane that sits across
Situated High, in the Christchurch tightly held Boys' locale & of Girls' magical High and from the waterfront, this property is also
Moncks Bay, a short this stroll property to the makes University. a memorable positioned to enjoy the area’s celebrated
first impression Number and 9 is totally was constructed understated in from the microclimate and is located within easy reach
the
1960s but
road...it's
has naturally
not a drive
received
by! The
extensive of the beaches, boating facilities, Barnett
mastery of
modern
design
enhancements
and the sympathetic
including a
established
Bruce Park and the amenities in both Redcliffs and
Banbury architectural renovation in 2004. Sumner.
landscaping can only be appreciated with
Resort-style serenity is provided by the With floors needing repiling and being sold
colourful
a
Clivias
viewing,
as
as
well
an
as
imposing
the established
front fence uninsured, deemed uneconomical to repair,
greenery
hides
and
this
palms
discerning
trees that
opportunity,
border the
but this unique “as-is, where-is” opportunity is a
swimming
at
and
the
spa
same
pool,
time
with
defines
the outstanding
boundary and real game changer with the feel good factor
views and contributes majestic to cliff privacy. face backdrop only and is guaranteed to attract attention. Your
escalating This the home property’s is 255m2 visual (approx.) appeal. earliest viewing is advised.
excluding
Spacious garaging living and areas has are been complemented Open Homes: Wednesdays, Saturdays
totally renovated,
by the spectacularly sizeable Kwila modernised deck, water and feature and Sundays 1:00pm - 1:45pm.
had huge
and idyllic extensions alfresco to what surroundings was originally which See you at the open homes or for a private
a very Discerning buyers...invest longevity Auction
have previously modest hosted home. What a wedding a labour and of could viewing or for more information contact
love. Our and add an integral part to your family's Thursday 17th March 2022
continue
owners
to be the
are
scene
to be
of
congratulated
many memorable
Alison Carter of Harcourts Grenadier
on their
occasions.
Ferrymead/Sumner happiness. (Licensed Agent REAA from 10:00am (unless sold prior)
attention to detail and having completed
Skylights, the superb use of timber, a
2008) on 384 7950 or mobile 0274 318 960. Gold Auction Rooms,
a quality Real Estate Package.
contemporary colour scheme and the
471 Papanui Road
magnificent stone fireplaces create an
incredibly inviting ambience indoors where
you’ll find four double bedrooms, two Many of us of a certain age – and with a misnomer because most parents (and
bathrooms and a relaxing sunroom area that
children also of a certain age – will grandparents) don’t behave like banks.
comes complete with a spa bath.
be acutely aware of the concept of the They may or may not utilize any legal
With an expansive lawn area and the
‘Bank of Mum & Dad’. In fact, not so frameworks or even take advice as well as
picturesque garden at the rear of the property
both epitomise peace and privacy and offer long ago I wrote about it, but seeing it
apply any financial overview of their adult
access up to the top of the section where
children’s affairs. In fact in some cases –
more and more has persuaded me to
you can sit and admire the ocean vistas over
beneficiaries had higher incomes than
highlight some new conclusions.
their parents.
Allen Gunn
Licensed Sales Consultant REAA 2008
Harcourts Papanui
027 431 9954
topgunn@christchurchproperties.co.nz
are reconciled against what’s been
disclosed on the loan application.
The banks are looking for restraint with
discretionary spending in the threemonth
period prior to a formal finance
proposal. So, what’s ‘discretionary’
spending? The gym, daily coffees, eating
out, clothes, Netflix, flowers, Lotto!
Yes, there is nowhere to hide, so if you
look at actual banks and the ‘family
bank’, I’d like to say this – if your parents
are helping in any way, be it with funds, as
guarantor, or support and labour at the
new property, and you haven’t had to cut
off your Spotify account, or reduce your
number of bought coffee’s, then you may
be the last generation to derive benefits
like this. After all, this world of ours is
always changing.
Lynette McFadden
Harcourts gold Business Owner
027 432 0447
lynette.mcfadden@harcourtsgold.co.nz
Join the best!
Are you curious about a
career in real estate?
Career for
Success Seminar
15th March
6:00pm
471 Papanui Road
RSVP
to Angela Boyle
03 352 6166
angela.boyle@harcourtsgold.co.nz
or online
www.harcourtsgold.co.nz
PAPANUI 352 6166 | INTERNATIONAL DIVISION (+64) 3 662 9811 | REDWOOD 352 0352
PARKLANDS 383 0406 | NEW BRIGHTON 382 0043 | GOLD PROPERTY MANAGEMENT 352 6454
GOLD REAL ESTATE GROUP LTD LICENSED AGENT REAA 2008 A MEMBER OF THE HARCOURTS GROUP
www.harcourtsgold.co.nz