Major reforms needed to fix Australia s ailing housing system miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
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Last week, Tarric Brooker posted some stunning charts at
News.com.au, gleaned from Digital Finance Analytics surveys, showing the record rise in financial assistance from the ‘Bank of Mum & Dad’, which is helping to fuel the boom in first home buyer (FHB) demand and Australian property values.
Just prior to the pandemic, only 8% FHBs were receiving support from their parents – the lowest proportion since 2011. However, this has since soared to more than 60%, meaning a record share of FHBs are now receiving financial assistance from their patents:
A record share of Australian first-home buyers are now receiving financial assistance from their parents.
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When Louise and her husband were looking to buy a house a few years ago, she wanted to find one that was big enough for their growing kids and had a little extra space just in case. I hoped that I would be in a position where I could help, particularly Mum, or any of my family, if they were needing help, she says. That we would be able to provide a safe haven if somebody needed it.
Earlier this year Louise, 39, was able to provide that safe haven to her mother Janine, 70, who left home in a hurry when her relationship ended and she had nowhere else to go.
Trapped : Mum s desperate call for more housing cash coffscoastadvocate.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from coffscoastadvocate.com.au Daily Mail and Mail on Sunday newspapers.
Trapped : Mum s desperate call for more housing cash cqnews.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cqnews.com.au Daily Mail and Mail on Sunday newspapers.