More first home buyers are putting buying a home as a higher priority than getting married or having kids. And the main way that they are able to do this, is with the bank of mum and dad.
Mums and Dads actually place in the top 10 mortgage lenders in Australia – and the number and amount of finance help given by mums and dads (or grandparents) is continually growing. But how much do you actually need?
The stats are, around 55% of first home buyers are getting financial assistance from their parents.
With as little as $30,000, the family are seeing that their kids are well on their way to being in their own home.
To find out what it is that you actually need, it’s all very dependent on your financial situation – why is that? well because it depends on your current debt, if you have kids, your regular employment and income plus a whole range of things.
If you do have the option of going down this path with your parents (and there are various different ways that they may be able to help) what Hibbards do is check all that out for you and then let you know what you may be able to do, how much you’ll need and then you decide whether you want to go ahead and start working towards that. https://hibbards.net.au/apply-here/
digitalfinanceanalytics.com (2018, January 17). Bank of Mum and Dad Now A “Top 10” Lender [Blog post]. Retrieved from http://digitalfinanceanalytics.com/blog/tag/bank-of-mum-and-dad/
In text: ( digitalfinanceanalytics.com , 2018)