‘Bank of mum and dad’ now essential as incomes alone no longer enough
Almost half of Australians believe they need financial help from parents or grandparents to buy a home, with 34% having received or expecting to receive such assistance. Industry leaders warn that without family wealth, buyers face significant hurdles in entering the market.
New research reveals 48% of Australians believe they cannot buy a home without financial help from family. 34% have received or expect to receive assistance, often through cash gifts or loan guarantees. Rising house prices and cost-of-living pressures are making it harder for families to support the next generation. Industry leaders warn that those without family support face significant challenges, needing to save a deposit and meet borrowing limits. Buyers typically can only borrow five to six times their income, making it hard to afford a property without family help. Those with family support have an advantage, but it's still possible to buy independently with discipline and planning.
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