Business
House price surge means more first home buyers are getting help from the Bank of Mum and Dad – ABC News
As property prices soar and the fear of missing out intensifies, young people are increasingly turning to their parents to help them get a foot on the property…
When Melbourne musicians Kate Golby and Zac Anthony needed help buying their first home six years ago, Zac’s Dad agreed to sign up as guarantor for the loan.
Key points:
- Analyst says 60 pc of first home buyers are getting financial help from their parents
- The average contribution from parents was $89,637
- Concerns the Bank of Mum and Dad is fuelling record house prices
“It would have been another 10 years of dedicated saving just to get a 5 per cent deposit and prices were just going up and up and…
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