This paper deals with the parametrization of balanced multiwavelets and different properties associated with them. We introduce the property balancing symmetry and orthogonal properties of multiwavelet and link these properties to the matrix of the lowpass synthesis multifilter. Using these new results, we present the parametrization of orthogonal multiwavelets of flip-symmetry with length two and three. This is a direct construction method, making the construction of the balanced multiwavelet as easy as the scalar wavelet.