Weekly Market Wrap – Mum’s the word for first home buyers
Victorian parents are the country’s most generous when it comes to giving their kids a leg-up.
New data reveals Victorians lent an average of $44,503 to their children for a house deposit – the highest in the country. Additionally, 15% of Victorians allow their children to live at home rent-free in order to save for a deposit, costing them $21,560 on average.
The report by Mozo shows parents are now the fifth largest mortgage lender across the country, forking out an average $44,503 for their children’s house deposit.
But money isn’t the only way parents are helping their children to enter the market. hockingstuart’s South Yarra office has reported a rise in the number of parents attending OFIs for their time-poor kids. With young professionals working longer hours and dedicated to their career, some loving parents are doing much of the research groundwork on their children’s behalf.
Of course, not everyone can rely on mum and dad to buy a property. Consider other investment avenues to help you save for a deposit such as putting aside money each month into a high interest savings account, or investing in shares to grow your wealth.
Keep in mind that the more money you save for your deposit, the more buying potential you have to buy your dream home.