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House price surge means more first home buyers are getting help from the Bank of Mum and Dad – ABC News

As property prices soar and the fear of missing out intensifies, young people are increasingly turning to their parents to help them get a foot on the property…

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When Melbourne musicians Kate Golby and Zac Anthony needed help buying their first home six years ago, Zac’s Dad agreed to sign up as guarantor for the loan.
Key points:

  • Analyst says 60 pc of first home buyers are getting financial help from their parents
  • The average contribution from parents was $89,637
  • Concerns the Bank of Mum and Dad is fuelling record house prices 

“It would have been another 10 years of dedicated saving just to get a 5 per cent deposit and prices were just going up and up and…

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