Tuesday, December 03, 2024

Shock Sum Parents Need To Give Their Kids To Buy First Home

Shock sum parents need to give their kids to buy first home

Australian parents will have to shell out increasingly large sums of money to help their children buy homes or risk them never making it onto the property ladder.

In decades past, buying a home was a relatively solitary thing, a goal set and achieved either as a single person or as part of a couple, but now buying a home has increasingly become an affair involving parents and other relatives.

According to investment and advisory group Jarden Australia, 15 per cent of borrowers are receiving an average of $92,000 from parents.