ERROL PARKER | Editor-at-large | Contact
The Bank Of Mum & Dad announced this afternoon that they will be passing on the full interest rate decrease to their client offspring so they can still enjoy a well-earned break later this year.
While it was almost a given that the Reserve Bank was going to lower interest rates, Treasurer Josh Frydenberg said he expects the board of every banking institution in the country to pass the rate decrease on – easing the pressure on mortgagees.
Especially Lachie and Mille Dewhurst, who took to social media last year to declare that they’d both entered the property market despite both earning entry level salaries at the same firm their father worked at for many years.
Speaking exclusively to The Advocate this morning about the rate decrease, both Lachie and Millie said it’s come just in time for Europe.
“There’s just been so much money coming in and coming out of my new side-hustle and my job. Plus doing your own tax is adding to the stress this time of year,” he laughed.
Millie slapped him on the back and joined in the giggle.
“It’s actually been really hard this last couple of months. Mum collapsed at the Sailing Club and we were all really worried while the doctors tried to work out why. Turns out she just had acute truffle poisoning and she was fine after a few days,”
Lachie sighed.
“That was really tough. Way worse than the time I walked in on Dad putting from the rough with one of his Sydney-to-Hobart sailing buddies,”
“But after this hectic year, we need to unwind.”
When asked by our reporter what type of mortgage they were on, they both looked at each other and said a ‘house one.’
“It’s one of those deposit mortgages where you just get to pick a house and the Bank of Mum & Dad pays for it and finds a tenant but it’s in your name so you have to collect the rent and dodge the phone calls when the scum who live there need a new powerpoint in the bathroom. Whatever that type of mortgage is, that’s what we have.”
The Advocate then asked where they were going in Europe, to which they both just said they were doing Europe in September.
More to come.
