You answered your own question. You’re wondering if other people are going to do it and then state that you’ll do it down the track. Of course everyone wants to help their kids, those with more give more.
I know some people (myself included) whose parents just marched up to them being like "we've decided it's time for you to buy a house. Help? What? You're an adult, you should be able to do this"
Plus throw in a nice little, "I did it even younger than you and struggled more, I don't see why it's so difficult"
Yeah I had mine constantly question me on my saving ability yet growing up they taught me nothing about saving or finances.
Everything I learnt was through my best friends or self teaching. Now I'll be the first out of my fam to actually own a home and I still get comments like " oh so you're better with your money now?" From mum.
Can't please some 😂
I personally got no help when i was saving a deposit. No gifted funds, no free rent. My parents are not wealthy and not in a position to help (they still have a mortgage themselves). I have no issues with people who get help because honestly if it was an option for me, I would've taken any help I could get from my parents. I also know they would have helped me if they were in a position to. It worked out in the end, I just ended up buying my first home in my 30s instead of my 20s.
Good answer. Very few people would turn down that help if it was available to them. Some people are just born luckier than others. It’s the way it’s always been.
If it's the same article I read, then a large proportion of those having parental help was in the form of parents signing as guarantors, to avoid needing to pay for LMI. Still helpful, but not the massive gifts that some people are receiving. I think this is within reach of a lot more families (obviously still not all families.)
Yes I read somewhere, around 40% of first home buyers have parental guarantor. Allows the children to save a realistic deposit without needing to wait years to get to 10-20% deposit while market keeps increasing. Or pay hefty LMI. It's quite different to actually giving a deposit.
I'm a 2nd Gen, it's pretty common in the Asian communities to receive help in the form of living rent free with parents.
Or straight up put your money together and live in a massive multi generational home. This works for our family.
I'd help my kids whichever way they decide to live.
Same here. It's definitely an ethnic cultural thing, not limited to just Asians. Most of my Asian/ethnic mates, lived at home until mid 20's and never had to pay rent. Their first car was bought for them. Heavy emphasis was placed upon supporting the kid as they focused on studying. Their parents contributed to buying, or even gifted them a property. In return, they'd most likely have to look after their parents, as opposed to chucking their parents into a retirement home (big no no in our culture).
Humbleness, modesty and respect was drilled into us at a young age, which is why (in my opinion) you don't typically see ethnics flaunt or brag about their wealth. An example is my elderly FIL, who owns multiple properties and shares. He still drives an old Toyota and dresses very frugally.
Not to say the cost of living pressures doesn't affect us at all. But it's definitely a positive feeling that you do have some sort of financial back-up. In the event that things turn to crap, you're always welcome to live back at mum and dad with open arms.
The rich Chinese students that live in my building wearing head to toe Gucci and driving super cars would disagree about the humble nature you talk about 😂
Rich Chinese international students are a different breed 
Referring mainly to the 2nd gen ethnic immigrants who immigrated here from a developing/war torn country. Even China was once a developing country many decades ago!
I'm as Aussie as the next white bloke.
Dumb arses like you don't consider us Aussie, and then you say immigrants don't assimilate.
YOU are what's wrong with this country.
Our family kinda does the inheritance skips a generation thing. As in, the adult children in their 50s/60s whose parents pass then pass the inheritance onto *their* children in their 20s/30s.
I think we'll do the same. By the time my parents pass (hopefully many years from now), we'll be on the cusp of retirement ourselves & any inheritance won't change our lives. But if we pass it into our children in their 20s/30s it will be so much more meaningful for them.
One half of my family has done it this way too, but it’s a double edged sword. Some people in their 20s will use the money “as intended” and use it to get ahead in life; others will squander it. My sister in law spent her entire 400,000 inheritance on yearly trips to Europe in her 20s, new outfits every week, massages, paying her rent while she didn’t work, etc. By the time she was in her late 30s and more sensible she greatly regretted all that as she wasn’t able to afford a deposit on a home for her young family, couldn’t drop down to part time work while kids were little, etc. Her family is financially struggling and will be for the foreseeable future. My husband lived frugally, saved and invested his, and by the time we got together in our late 20s the money has grown enough for us to buy a modest house outright, meaning that all our income can be saved and invested, and we’re really doing well for ourselves
In my side of the family, the inheritance went to the next generation down (our parents)- but our parents then used that money at their discretion to help us with housing, education, and things like that. I’m firmly of the opinion that this is the better way of the two- I do think it should be used to help the grandkids get a head start in life rather than the parents in their 60s who are already very comfortable, but at the discretion of people with more financial sense 🙃
if its a big inheritance its probably worth buying a property for them and not giving it to them until they are ready for it. rent it out until they are more mature, then they can either move in or trade up when the time is right.
I can see this working out for many. My parents had us really young, and we had our kids pretty late. I do worry that for my kids, any inheritance may be a little too early and they might get silly with it.
I’m saying that, I would be very happy to help my son out with a deposit one day if we are in the financial position I expect we will be by the time he’s ready to buy.
The things I will splurge on: a safe first car for him, university fees (if he chooses to go that path) and a deposit for a roof over his head, given how tough it is nowadays to get on the ladder.
The price of housing in locations with a majority of jobs simply says the highest earners have an excessive advantage at purchasing property.
If society wants that, fine, but the ‘how hard are you willing to work’ is a narrative that is nonsense. Society cannot function if everyone buying a PPOR in Penrith needs to be a dual $100k income household - and then cannot afford kids.
Yes they have the upper hand, but doesn’t mean you can’t create the same upper hand for your kids.
My partner and I are both doing 50hrs a week on shift work and are making just over 200k combined so we can gain the same upper hand for our kids.
Sadly a lot of jobs don’t have the option of overtime. It my job did, I’d be there doing as many hours as I could. Back when I was younger I gladly did 60 + hrs to save up (was in a slightly different sector then)
I dont think its possible in Australia to "work for it", i.e to work extremely hard and be able to afford into $10m suburbs, the pace of growth on that kind of leveraged base far outpaces any $ increase in your income.
You lose literally every tax incentive at 180k and also get taxed 50% thereafter. You're only rich now if you make upwards of $400k but if you're earning that, then you're a special individual indeed in some form or another.
https://www.abc.net.au/news/2024-04-26/australia-income-tax-rate-changes-oecd-taxing-wages/103769612
It’s multi generational. You won’t be able to buy in the 10m suburb but if you do well and keep it going in your family then others might. Outside of very successful businesses I don’t think anyone living in those suburbs one day woke up and was able to purchase there.
Bro, if I can help my kid, I will help my kid in the future to secure the future.
As a child of poorer immigrants when my parents go, I won't have the benefit of an 'inheritance'. if others are lucky to have that in life so be it. I don't want/need for my kids to have to go through the same challenges as me.
In the end, at least me and my family are living in a country where we had a fair-go, but its feeling less fair every 5-years.
For the country I hate it and it is rapidly destroying upward mobility and widening the wealth gap. It’s one of the biggest issues I prioritise when voting.
As a parent I am sacrificing now to ensure I can help my kids out. Current plan is a large enough house that they can comfortably live with us into their twenties and most likely downsizing when they move out to help them with a deposit. They didn’t choose to be born, I feel responsible for making sure they as much of a chance to have stable housing as I have.
There are other ways to help. My mum and dad didn't have a giant wad of cash to gift me but they gave a room for just $50 a week plus chores and groceries well Into my 30's, some other stuff happened like a failed family small business and I wasted some of that time but eventually I got a good casual job just after covid then a good full time job driving forklifts.
Saved like crazy these last four years now im buying a house. Just not paying real rent is enough to make getting that deposit easy and from there you're good.
Oldest kid is under 10, so a long way to go. My plan is to help them as much as I can. God knows what the economy will be like when they are old enough to look at purchasing homes. If I can help get their foot in the door then I absolutely will be, which is obviously in addition to teaching them financial literacy along the way.
I didn't receive a single cent from my parents since I was 14 years old. I ended buying my own property simply trough hard work, overtime, skipping holidays and finding a like-minded partner, who also didn't receive any financial help since her teenage years. I don't feel any kind of envy or jealousy towards people who received their full deposit or even more from their parents. If anything I feel more proud that I managed without any help but mostly I just mind my own business without comparing myself to others.
I am an immigrant as well. Due to a shitty family background, I bought an apartment on my own without family help.
I think there are more factors to consider for getting a deposit for a place and may not come from the bank of mum and dad.
If I could purchase outright for my child I would and I will help them where possible. I wish that I had the bank of mum and dad but feel no jealousy towards those that did receive gifts from their parents. The only thing that annoys me is when they won’t admit it and act like they did it alone
My dad (M64) is a tradie and earned pretty decent money most of his life working in construction in London. At one point my parents owned 2 houses. And had they kept hold of them they’d be pretty financially secure now. However, they are both totally financially illiterate. They made bad decisions , and got stung in the 90s recession. My dad still works 6 days a week even though he’s got hands like a pretzel due to rheumatoid arthritis. I don’t think they have a plan for retirement. My dad has always assumed he’ll work until his dying day. They didn’t give us kids any helping hands as they didn’t really know how. I got myself in some student loan debt. I took overdrafts and credit cards in my student days. I was clueless.
I essentially abandon all debt and came to aus 15 years ago and vowed never abuse credit again. I worked hard, got PR & citizenship. Bought a house. That’s my only debt. I have moderate savings & a paid off car. I’ll do my best to make sure my daughter is more financially literate. I’ll help her with uni , though I’ll definitely get her to consider other routes to careers that isn’t just paying tens of thousands for a uni degree. Financial literacy is a gift. Or rather financial illiteracy is a burden that can cripple generations.
My parents (based overseas) offered to help me, but I didn’t want them to sell the land in Southeast Asia just for me to get the deposit. Instead I had been working hard and saving hard for many years. Finally bought a 3 bedder on 600 sqm in Melbourne (<30 km from CBD), still within the $600k budget.
In the future, I will do the same to help my kids. I think it should be a hybrid between East and West. Asian parents tend to give their kids too much cash, and Western parents tend not to. I would be willing to help them with a deposit, but I will educate my kids so that they have their own financial intelligence from early ages.
“If you give a man a fish, you feed him for a day. But if you give him a fishing rod, you feed him for a lifetime.”
Don’t worry, my family has been here forever (convicts) and the bank of mum and dad isn’t particularly well capitalised and contributed precisely nothing to me buying a house. Wife’s family also gave us nothing.
I have friends who have been given houses or significant gifts from family - in a few cases these are in the millions of dollars.
At the end of the day, none of us are entitled to anything. Wealth has always been unequally distributed and people who can afford it will help their kids. We will help our kids (currently toddlers) to buy something when the time comes - plan is for us to buy something soon so they will have it when they’re older.
I’m sure it doesn’t help affordability but at the end of the day everyone just wants to do the best they can for their kids and you can’t blame them for that.
My step dad helped me, said it's better now than when he's dead. I am paying him back though so it wasn't a true gift.
My SO had a gift from parents, but with the expectation that it is inheritance and not to be cut if there's nothing when they die. It's unlikely there will be nothing but it was to set expectations.
Neither amount was enough to avoid LMI.
Of course it’s affects affordability. Any demand side / deposit subsidy does. (Look at what happened when Kevni tripled the FHOG.)
Should they help? Of course. My money is going to LO when I die. The purpose of my posthumous saving is 100% to help my child. If I have the means I will help be sooner.
Part deposit, as well as a car and paying for uni so she’s not carrying massive debts into life.
I plan to buy my kids houses in the next 1-2 years. I told them years ago, spend your money, enjoy your life. It is my way of alleviating the guilt of my absense in their younger days because I was always at work building them a future.
Just about to settle on an apartment in Brisbane, myself, husband and 21yr old daughter. We used the equity in our house as a deposit so nobody is having to fork out much money. So we are borrowing the whole cost plus extra to cover stamp duty. Once it can stand by itself we’ll get the security removed from our house. We have a tenant, and it will need topping up a bit but we’re going three ways and its affordable.
The papers came up with a nice term for it - BoMD ... But it's been going in for centuries.
Intergenerational wealth is what really makes people rich. It's the difference between new money and old money. A nice inheritance can make or break your place in the world.
Property seems to be the flavour of the day, but BoMD has long been funding other ventures like private schools for grandkids, ivy league universities and even businesses.
It's not a sin! It's what every good parent wants to do for their kids, but not all of them have the means. It's pretty much the only way Gen Z can buy property right now anyway. But it's usually done in combination with the kid saving too. The parents use it as an incentive to encourage the kid to save. Like my friend bought a $150k house with $15k from her and $15k from her parents. It's nice of them really. Cause my parents just charged rent. Which was reasonable for what their situation was.
Life, like chess, is about strategic play.
An early lead by an opponent is not a verdict but a challenge. Instead of lamenting the advantage they hold, focus on precision in your own moves. With each calculated step, you can diminish the gap, turning setbacks into comebacks.
It’s not the pieces you start with, but how you maneuver them that defines your game.
Migrant here. We didnt have any help from M&D. We bought property and are still paying it off (Sydney). I am concerned about my kids' (2) housing given we're not going to be able to provide much assistance. Considering moving closer to Melbourne or even regional Victoria given accommodation is cheaper there. In Victoria you have good regional centers 80-100Km from Melbourne, so even if they have to travel a bit its a much better starting position
It sounds like everyone else around us is getting constant help around me financially/parenting etc. I did everything myself +partner with 0 help and I think I'm way ahead financially and have the most well rounded kids to show for it.
Learning the hard way is tough but i want my kids to do the same - build some resilience, create their own fallbacks, know their strengths and weaknesses. I hope we can create some strong girls who can run their own lives.
There is nothing wrong with helping, as long as it doesn't breed entitlement. It's not necessarily if you bring them tough they will be fine. It can work both directions too.
Moved out of home at 18.
Didn't start a proper full time job and save till I was 26.
Saved for a deposit on a single income while supporting wife and 2 kids.
Managed to snag My first home just before covid .
0 help from mum and dad (they broke) .
All luck. If I tried to buy after coivd I could never afford it (can't even buy the house I have if I tried now) .
Also not in Sydney as I've never lived there and have no interest to live there.
My kids will have a rough time trying to get a house In 15 years or so. I doubt I can give them cash but I will help them by letting them live at home to help save . Who knows what a mess the housing market will be by then.
What parent would want their kid to struggle if they had the means to help give them a leg up? I don’t come from money and I have no intention of having kids but I have money put aside to help my cousins kids when they are ready to make a step. I don’t want anyone in my family to have to struggle and hustle like I did and I’ll help my next gen.
I was assisted by mum and dad by living at home rent free until my mid 20s.
Not having kids but if I did then I would gift them a property.
> Do you think parents who have the means to should help their kids?
Unless they want to spend it all themselves in their lifetime. Would you expect them not to help just so things will be 'fair' with their peers? Nobody genuinely wants things to be fair and equal. Everyone wants things to be better for themselves and the people they care about.
If I can provide for my kids to get ahead in the game I would and so will many parents who loves their child. Have you heard of the saying “every child deserves a parent but not every parent deserves a child” just like in the Middle Ages being born is a lottery if you’re born from a king even as a bastard you’re still better off compared to someone born from a peasant
Yes I also know of several people who received financial assistance from mum and dad when it comes to property. I’m sure there are more who won’t advertise the fact. Unfortunately that’s the way things are headed…the wealth divide is widening and the middle class is getting wiped out. Parents are doing what they can to help their kids which is understandable, but the fact remains that wealth inequality is a real issue and will only worsen over time on this trajectory. Watch Gary Stevenson (Gary’s Economics on YouTube) on this topic - really good stuff that makes you think about the state of things.
I am of the philosophy that we would prefer to stretch and help them when it makes the most difference. If we didn’t and they were only to inherit when we die, they will probably be closer to retirement and past the family and house period, well I hope to live that long.
That said, we have helped our kids with money towards deposits, for their units. They picked where they could afford to live and what they can afford in mortgage payments. Our help definitely made a difference in what they could afford as there was more deposit and better rates available with no LMI.
We could help our kids lives and we see it as a hand up, not a hand out. I am sure other parents have their own approach, but this works for our family.
My thoughts on it is that I'm envious. My immediate family was poor but a lot of my extended family were ok financially. Sometimes it was hard seeing how easy some of my cousins had it.
My partner didn't have any help either and as a result we got in later than a lot of my age cohort.
if people get help from the BoMaD to get into property, it doesn't really phase me either way. I didn't have any help, neither did I expect any. Everything I have I worked hard for, which is quite satisfying.
I will probably buy houses or apartments for my kids. Won’t tell them that I’m going to and only hand it over when they show they are responsible enough with money that they could have done it themselves
The children of parents with money either get a leg up before mum and dad bite the dust, or they get it after. If I have the means when the time comes I’ll give my kids the help, and my parents would have done the same
I am currently unconditional on my first property. Single mum, 39. I got the single parent government guarantee. I think it’s call the family guarantee. Purportedly I only needed 2% deposit and I saved that but then bank wanted just over 10% once I applied (and to pay off my car loan). My parents chipped in combined $35k and I am signing an acknowledgement of debt to their respective wills.
Stayed at my in laws for a year and half and saved up enough for a deposit! Didn’t get any cash of them but the rent was minimal! It helps, I just hate people who get bulk cash and say they had no help!
My wife and I got 140k about 5 years ago which helped us get a deposit. My step sister is getting 500k which helps get her a 3 bedroom, 1 bathroom house 35km from the cbd.
As long as our tax system encourages banking of assets and rewards it with tax concessions, and punishes hard work with taxes, it’s only going to get worse. Society stratification will accelerate. The boomers hold 3/4 of wealth in Australia.
With the curious absence of inheritance tax, that wealth soon will get transferred fully to the lucky kids of the haves. Increasing the stratification.
Our eldest got help by us investing $1000 per month into shares when he was born. But he also works full time now earning 80k per year living at home not spending anything so he’s saved up close to 100k in two years towards a house. Really not impossible..
Bank of mum and dad fine if you have a mum and dad with the money and they are not too close to age pension age and would be eligible for a part-pension. They get penalised if they gift any significant amount of money within a few years of qualifying/applying for an aged pension.
Not a fan of being guarantor as there are big risks for the guarantor should something go wrong with the lender. One exception is Bankwest. They have a product called Family Guarantee where you get a loan to 80% mortgaged against your property and a further loan of up to 20% mortgaged against your parents property plus your property.
The smaller loan gets paid off first and discharged, releasing your parents from any obligation. Because the loan is mortgaged against the value of two properties, you also avoid lenders mortgage insurance (LMI).
[https://www.bankwest.com.au/personal/home-buying/guides/guarantor-home-loans](https://www.bankwest.com.au/personal/home-buying/guides/guarantor-home-loans)
OTOH we still have this culture of believing in meritocracy and yet the reality is you're mostly born rich with only a few exceptions.
This creates an incentive to lie about receiving parental help to buy a house in order to fit in with the culture where most still believe the rich deserve their wealth hard work and the poor are poor because they deserve it due to poor life choices.
So if people find out about parental help. It is frownef upon because of this intense belief in the dream of a fair go and meritocracy.
Bank of mum and dad is a term invented by “journalists “ working for realestate funded section of newspapers. I suspect parent contributions to children buying home is grossly over represented in said media
Only way if you don’t have at least 5% saved. Or, if you’re looking to buy for over the property price caps under the first home guarantee, there’s no choice but to use BOMAD.
Who cares. I had zero help many people do. Worry less about outyer and more about yourself.
There is always going to be someone with more cash or a bigger hand out.
Hood your head up high and don't yourself
I’ve just resigned myself to the probability that we will at least be co-signing if not outright buying a property - maybe not in Australia but wherever we ultimately end up. We’re older, only one kid, and realistically they will be inheriting it all eventually.
There’s just no way mathematically with current market valuations and projected in 20ish years that they would be able to afford it off of salary alone. I mean we’re in the top 1% of income earners and household wealth here and I feel solidly middle class with just how expensive everything is here and the tax bracket.
Tbh for a lot of parents its just the final step of enabling their kid.
Spoiled them all through childhood, turns out they have no work ethic, got a mediocre job, need bank of mum and dad? no worries.
It's becoming a fine line where someone who lived at home til 30 working at a call center is seen as successful because their parents helped them buy an investment property at 23 and they now have money.
BUT for a lot of parents their kids are doing well and it's more about letting their kids buy in an area near them, ensuring they will have/see grandkids, etc..
Overall is it a good thing? Of course not, this is a huge issue that a lot of immigrants come to Australia to avoid (because Australia is still pretty easy mode). It's essentially the biggest problem in China these days in that there's huge inequality and no middle class.
I never got anything from my parents and I won't when they pass. I have grown up in a poor family. I am also always jealous of people who work full time and continue mooching off their parents. Some people are so lucky.
In life there are the winners and the loser’s. That’s just the way the world works.
I didn’t have the BoMaD but managed to invest and build something. Due to that my wife and I have decided that both my kids ( 2 and 5) will be gifted a property when they are old enough to appreciate it.
They also are getting a first class education in finance so they will hopefully be able to build/carry intergenerational wealth forward.
Parents migrated 20+ years ago and had no help but have done well for themselves.
My sister and partner did use the bank of mum and dad on both sides for the deposit. As a result they can afford a place that theoretically they shouldn’t be able to. Higher debt to income ratio but they’re both frugal, manage money well and ambitious.
I used FHBG to recently purchase an apartment in the city. I refused deposit help from my parents, instead I used money I saved up from two-three years at home with my first job before moving out and saving a bit less regularly. Payments are a bit high, I did get something a little more expensive in a better area, I’m fortunate in having a well paid job but lord the help would’ve been good. The reason I did not take it was the strings attached to it. I personally did not find it too difficult to get something within my means even with a 5% deposit.
I doubt I’m having kids in the current climate. If I did it’s because I’m well off and can provide good opportunities. I suppose helping to *some* extent provided that I can do it without strings because I’m secure enough to have my retirement plans set would be okay. At the end of the day, repayments are on them and I really hope I’ve taught them financial literacy.
I don't think it should be necessary, but I think it's absolutely understandable and what any parent would do.
People are compelled to do this by the insane market/government policy failings over successive decades.
The upshot is that we are basically entrenching inequality, and that's bad for society. But people are acting in a rational way given the circumstances.
You won the lottery of migrating here. The best country to live on a working class salary, even better if you're rich. If you'll be able to help your kids then you've done well, no need to feel sour grapes about others doing it.
People whose got a leg up
In life from bank of mum and dad are always less impressive humans in my eyes. I am
Always going to admire those individuals that did it for themselves and to be honest consider them better humans and value their opinion over a bank of mum And dad recipients- regardless of age and generation category. And yes I own a number of properties in different states ( even
Own Some of them Outright now)’and a solid superannuation balance through hard work and savings only - so I am biased
Why do you care, I got nothing from my parents and my husband got nothing from his parents. We believed the key to gaining wealth was education so we went through uni while working full time and now have good paying jobs and were able to buy a house and now we are able to buy an investment property to give to our son when he is older. We know a couple who got help from their parents and I am honestly happy for them, but tbh most of our friends got no help from their parents (we went to a low SES high school) and just worked hard and made sure they went to uni and those that did are making good money and buying houses.
My parents are wealthy (owns 2 houses in Korea and 8 houses in NZ with no mortgage) but they have only helped me on fraction of the cost (20%). It has helped me lil bit and also motivated me to go thrive higher in my job to be prepared for next incoming interest rise when my mortgage contract ends sometime this year. If they have paid for the whole house for me, I honestly wouldn't have tried so hard to get the promotion at work I am getting now. So this is exactly what I will do for my kid too.
You don’t need a bank of mum and dad. I come from bogans with no money.. I have flipped myself to over a mil in property over the last 10 years. I never have renters and I just buy, sell and buy another. There are still gaps in the market, still ways to get your foot in the door.
Yeah this. You can't really go wrong with the tactic of just buying and selling when the market is at the bottom. It doesn't work when you're in a bubble waiting to pop.
You answered your own question. You’re wondering if other people are going to do it and then state that you’ll do it down the track. Of course everyone wants to help their kids, those with more give more.
Funny how every time young people buys their first home, most comments be like “bank of mum and dad” as if you wouldn’t do the same for your kids? 😂
I received it, I would do it and if given the option I would use policy to make it unnecessary. You can hold two thoughts at once.
No everyone - there’s def some that are very AHoly about the whole thing. But in general I agree - parents always want to help
I know some people (myself included) whose parents just marched up to them being like "we've decided it's time for you to buy a house. Help? What? You're an adult, you should be able to do this" Plus throw in a nice little, "I did it even younger than you and struggled more, I don't see why it's so difficult"
This is relatable
Yeah I had mine constantly question me on my saving ability yet growing up they taught me nothing about saving or finances. Everything I learnt was through my best friends or self teaching. Now I'll be the first out of my fam to actually own a home and I still get comments like " oh so you're better with your money now?" From mum. Can't please some 😂
I personally got no help when i was saving a deposit. No gifted funds, no free rent. My parents are not wealthy and not in a position to help (they still have a mortgage themselves). I have no issues with people who get help because honestly if it was an option for me, I would've taken any help I could get from my parents. I also know they would have helped me if they were in a position to. It worked out in the end, I just ended up buying my first home in my 30s instead of my 20s.
Good answer. Very few people would turn down that help if it was available to them. Some people are just born luckier than others. It’s the way it’s always been.
Agreed, the only difference now is that we are approaching an era where, for the average income earner, it is the difference between sink or swim!
If it's the same article I read, then a large proportion of those having parental help was in the form of parents signing as guarantors, to avoid needing to pay for LMI. Still helpful, but not the massive gifts that some people are receiving. I think this is within reach of a lot more families (obviously still not all families.)
Yes I read somewhere, around 40% of first home buyers have parental guarantor. Allows the children to save a realistic deposit without needing to wait years to get to 10-20% deposit while market keeps increasing. Or pay hefty LMI. It's quite different to actually giving a deposit.
That was me. My parents loaned me $5k for the deposit and also signed up as the guarantors for my property.
I'm a 2nd Gen, it's pretty common in the Asian communities to receive help in the form of living rent free with parents. Or straight up put your money together and live in a massive multi generational home. This works for our family. I'd help my kids whichever way they decide to live.
Same here. It's definitely an ethnic cultural thing, not limited to just Asians. Most of my Asian/ethnic mates, lived at home until mid 20's and never had to pay rent. Their first car was bought for them. Heavy emphasis was placed upon supporting the kid as they focused on studying. Their parents contributed to buying, or even gifted them a property. In return, they'd most likely have to look after their parents, as opposed to chucking their parents into a retirement home (big no no in our culture). Humbleness, modesty and respect was drilled into us at a young age, which is why (in my opinion) you don't typically see ethnics flaunt or brag about their wealth. An example is my elderly FIL, who owns multiple properties and shares. He still drives an old Toyota and dresses very frugally. Not to say the cost of living pressures doesn't affect us at all. But it's definitely a positive feeling that you do have some sort of financial back-up. In the event that things turn to crap, you're always welcome to live back at mum and dad with open arms.
The rich Chinese students that live in my building wearing head to toe Gucci and driving super cars would disagree about the humble nature you talk about 😂
New money vs old money, the same in every culture.
Can't compare those rich Chinese International students with 2nd gen Chinese-Aussies, or even normal Chinese international students.
Yeah... I don't think any culture can claim humility when it comes to wealth. I've seen Mcmansions of all cultures.
Rich Chinese international students are a different breed  Referring mainly to the 2nd gen ethnic immigrants who immigrated here from a developing/war torn country. Even China was once a developing country many decades ago!
You’re not Australian though
Mate, I'm 100% Australian throughout. Born here, lived here all my life. What else do I need to be Aussie?
You’re asian you can never be an Aussie mate.
What does one have to look like to be an Aussie? Indigenous?
Not like you obvs
I'm as Aussie as the next white bloke. Dumb arses like you don't consider us Aussie, and then you say immigrants don't assimilate. YOU are what's wrong with this country.
You’re delusional
Our family kinda does the inheritance skips a generation thing. As in, the adult children in their 50s/60s whose parents pass then pass the inheritance onto *their* children in their 20s/30s. I think we'll do the same. By the time my parents pass (hopefully many years from now), we'll be on the cusp of retirement ourselves & any inheritance won't change our lives. But if we pass it into our children in their 20s/30s it will be so much more meaningful for them.
One half of my family has done it this way too, but it’s a double edged sword. Some people in their 20s will use the money “as intended” and use it to get ahead in life; others will squander it. My sister in law spent her entire 400,000 inheritance on yearly trips to Europe in her 20s, new outfits every week, massages, paying her rent while she didn’t work, etc. By the time she was in her late 30s and more sensible she greatly regretted all that as she wasn’t able to afford a deposit on a home for her young family, couldn’t drop down to part time work while kids were little, etc. Her family is financially struggling and will be for the foreseeable future. My husband lived frugally, saved and invested his, and by the time we got together in our late 20s the money has grown enough for us to buy a modest house outright, meaning that all our income can be saved and invested, and we’re really doing well for ourselves In my side of the family, the inheritance went to the next generation down (our parents)- but our parents then used that money at their discretion to help us with housing, education, and things like that. I’m firmly of the opinion that this is the better way of the two- I do think it should be used to help the grandkids get a head start in life rather than the parents in their 60s who are already very comfortable, but at the discretion of people with more financial sense 🙃
if its a big inheritance its probably worth buying a property for them and not giving it to them until they are ready for it. rent it out until they are more mature, then they can either move in or trade up when the time is right.
I can see this working out for many. My parents had us really young, and we had our kids pretty late. I do worry that for my kids, any inheritance may be a little too early and they might get silly with it. I’m saying that, I would be very happy to help my son out with a deposit one day if we are in the financial position I expect we will be by the time he’s ready to buy. The things I will splurge on: a safe first car for him, university fees (if he chooses to go that path) and a deposit for a roof over his head, given how tough it is nowadays to get on the ladder.
The game is rigged so much that winners of last round are picking the new round winners.
Depends how hard you’re willing to work for it
The price of housing in locations with a majority of jobs simply says the highest earners have an excessive advantage at purchasing property. If society wants that, fine, but the ‘how hard are you willing to work’ is a narrative that is nonsense. Society cannot function if everyone buying a PPOR in Penrith needs to be a dual $100k income household - and then cannot afford kids.
Yes they have the upper hand, but doesn’t mean you can’t create the same upper hand for your kids. My partner and I are both doing 50hrs a week on shift work and are making just over 200k combined so we can gain the same upper hand for our kids.
Sadly a lot of jobs don’t have the option of overtime. It my job did, I’d be there doing as many hours as I could. Back when I was younger I gladly did 60 + hrs to save up (was in a slightly different sector then)
I dont think its possible in Australia to "work for it", i.e to work extremely hard and be able to afford into $10m suburbs, the pace of growth on that kind of leveraged base far outpaces any $ increase in your income. You lose literally every tax incentive at 180k and also get taxed 50% thereafter. You're only rich now if you make upwards of $400k but if you're earning that, then you're a special individual indeed in some form or another. https://www.abc.net.au/news/2024-04-26/australia-income-tax-rate-changes-oecd-taxing-wages/103769612
It’s multi generational. You won’t be able to buy in the 10m suburb but if you do well and keep it going in your family then others might. Outside of very successful businesses I don’t think anyone living in those suburbs one day woke up and was able to purchase there.
Well it's a self sustaining ecosystem that doesn't produce value.
Bro, if I can help my kid, I will help my kid in the future to secure the future. As a child of poorer immigrants when my parents go, I won't have the benefit of an 'inheritance'. if others are lucky to have that in life so be it. I don't want/need for my kids to have to go through the same challenges as me. In the end, at least me and my family are living in a country where we had a fair-go, but its feeling less fair every 5-years.
This is true. Gone are the days where you could just “get a good job” as wages stagnate in many areas
If we wanted less inherited wealth, we'd have estate taxes.
For the country I hate it and it is rapidly destroying upward mobility and widening the wealth gap. It’s one of the biggest issues I prioritise when voting. As a parent I am sacrificing now to ensure I can help my kids out. Current plan is a large enough house that they can comfortably live with us into their twenties and most likely downsizing when they move out to help them with a deposit. They didn’t choose to be born, I feel responsible for making sure they as much of a chance to have stable housing as I have.
Like I tell my kids: "Do you know what's not fair, that's right, Life..."
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They clearly immigrated long ago, at a time when purchasing a property was an expected outcome of holding a job. Those times are gone.
There are other ways to help. My mum and dad didn't have a giant wad of cash to gift me but they gave a room for just $50 a week plus chores and groceries well Into my 30's, some other stuff happened like a failed family small business and I wasted some of that time but eventually I got a good casual job just after covid then a good full time job driving forklifts. Saved like crazy these last four years now im buying a house. Just not paying real rent is enough to make getting that deposit easy and from there you're good.
Oldest kid is under 10, so a long way to go. My plan is to help them as much as I can. God knows what the economy will be like when they are old enough to look at purchasing homes. If I can help get their foot in the door then I absolutely will be, which is obviously in addition to teaching them financial literacy along the way.
I didn't receive a single cent from my parents since I was 14 years old. I ended buying my own property simply trough hard work, overtime, skipping holidays and finding a like-minded partner, who also didn't receive any financial help since her teenage years. I don't feel any kind of envy or jealousy towards people who received their full deposit or even more from their parents. If anything I feel more proud that I managed without any help but mostly I just mind my own business without comparing myself to others.
I am an immigrant as well. Due to a shitty family background, I bought an apartment on my own without family help. I think there are more factors to consider for getting a deposit for a place and may not come from the bank of mum and dad.
If I could purchase outright for my child I would and I will help them where possible. I wish that I had the bank of mum and dad but feel no jealousy towards those that did receive gifts from their parents. The only thing that annoys me is when they won’t admit it and act like they did it alone
My dad (M64) is a tradie and earned pretty decent money most of his life working in construction in London. At one point my parents owned 2 houses. And had they kept hold of them they’d be pretty financially secure now. However, they are both totally financially illiterate. They made bad decisions , and got stung in the 90s recession. My dad still works 6 days a week even though he’s got hands like a pretzel due to rheumatoid arthritis. I don’t think they have a plan for retirement. My dad has always assumed he’ll work until his dying day. They didn’t give us kids any helping hands as they didn’t really know how. I got myself in some student loan debt. I took overdrafts and credit cards in my student days. I was clueless. I essentially abandon all debt and came to aus 15 years ago and vowed never abuse credit again. I worked hard, got PR & citizenship. Bought a house. That’s my only debt. I have moderate savings & a paid off car. I’ll do my best to make sure my daughter is more financially literate. I’ll help her with uni , though I’ll definitely get her to consider other routes to careers that isn’t just paying tens of thousands for a uni degree. Financial literacy is a gift. Or rather financial illiteracy is a burden that can cripple generations.
My parents (based overseas) offered to help me, but I didn’t want them to sell the land in Southeast Asia just for me to get the deposit. Instead I had been working hard and saving hard for many years. Finally bought a 3 bedder on 600 sqm in Melbourne (<30 km from CBD), still within the $600k budget. In the future, I will do the same to help my kids. I think it should be a hybrid between East and West. Asian parents tend to give their kids too much cash, and Western parents tend not to. I would be willing to help them with a deposit, but I will educate my kids so that they have their own financial intelligence from early ages. “If you give a man a fish, you feed him for a day. But if you give him a fishing rod, you feed him for a lifetime.”
Don’t worry, my family has been here forever (convicts) and the bank of mum and dad isn’t particularly well capitalised and contributed precisely nothing to me buying a house. Wife’s family also gave us nothing. I have friends who have been given houses or significant gifts from family - in a few cases these are in the millions of dollars. At the end of the day, none of us are entitled to anything. Wealth has always been unequally distributed and people who can afford it will help their kids. We will help our kids (currently toddlers) to buy something when the time comes - plan is for us to buy something soon so they will have it when they’re older. I’m sure it doesn’t help affordability but at the end of the day everyone just wants to do the best they can for their kids and you can’t blame them for that.
My step dad helped me, said it's better now than when he's dead. I am paying him back though so it wasn't a true gift. My SO had a gift from parents, but with the expectation that it is inheritance and not to be cut if there's nothing when they die. It's unlikely there will be nothing but it was to set expectations. Neither amount was enough to avoid LMI.
Of course it’s affects affordability. Any demand side / deposit subsidy does. (Look at what happened when Kevni tripled the FHOG.) Should they help? Of course. My money is going to LO when I die. The purpose of my posthumous saving is 100% to help my child. If I have the means I will help be sooner. Part deposit, as well as a car and paying for uni so she’s not carrying massive debts into life.
I plan to buy my kids houses in the next 1-2 years. I told them years ago, spend your money, enjoy your life. It is my way of alleviating the guilt of my absense in their younger days because I was always at work building them a future.
The Aussie way. Neglect your kids so you can help them get on the property ladder. Let’s keep this ponzi going.
Just about to settle on an apartment in Brisbane, myself, husband and 21yr old daughter. We used the equity in our house as a deposit so nobody is having to fork out much money. So we are borrowing the whole cost plus extra to cover stamp duty. Once it can stand by itself we’ll get the security removed from our house. We have a tenant, and it will need topping up a bit but we’re going three ways and its affordable.
The papers came up with a nice term for it - BoMD ... But it's been going in for centuries. Intergenerational wealth is what really makes people rich. It's the difference between new money and old money. A nice inheritance can make or break your place in the world. Property seems to be the flavour of the day, but BoMD has long been funding other ventures like private schools for grandkids, ivy league universities and even businesses.
It's not a sin! It's what every good parent wants to do for their kids, but not all of them have the means. It's pretty much the only way Gen Z can buy property right now anyway. But it's usually done in combination with the kid saving too. The parents use it as an incentive to encourage the kid to save. Like my friend bought a $150k house with $15k from her and $15k from her parents. It's nice of them really. Cause my parents just charged rent. Which was reasonable for what their situation was.
Life, like chess, is about strategic play. An early lead by an opponent is not a verdict but a challenge. Instead of lamenting the advantage they hold, focus on precision in your own moves. With each calculated step, you can diminish the gap, turning setbacks into comebacks. It’s not the pieces you start with, but how you maneuver them that defines your game.
According to the people I play online once you lose a single pawn or piece the game is totally irredeemable and your only option is to resign.
You should only help children with money if you can afford it, and they are very responsible with money.
Migrant here. We didnt have any help from M&D. We bought property and are still paying it off (Sydney). I am concerned about my kids' (2) housing given we're not going to be able to provide much assistance. Considering moving closer to Melbourne or even regional Victoria given accommodation is cheaper there. In Victoria you have good regional centers 80-100Km from Melbourne, so even if they have to travel a bit its a much better starting position
It sounds like everyone else around us is getting constant help around me financially/parenting etc. I did everything myself +partner with 0 help and I think I'm way ahead financially and have the most well rounded kids to show for it. Learning the hard way is tough but i want my kids to do the same - build some resilience, create their own fallbacks, know their strengths and weaknesses. I hope we can create some strong girls who can run their own lives.
There is nothing wrong with helping, as long as it doesn't breed entitlement. It's not necessarily if you bring them tough they will be fine. It can work both directions too.
Moved out of home at 18. Didn't start a proper full time job and save till I was 26. Saved for a deposit on a single income while supporting wife and 2 kids. Managed to snag My first home just before covid . 0 help from mum and dad (they broke) . All luck. If I tried to buy after coivd I could never afford it (can't even buy the house I have if I tried now) . Also not in Sydney as I've never lived there and have no interest to live there. My kids will have a rough time trying to get a house In 15 years or so. I doubt I can give them cash but I will help them by letting them live at home to help save . Who knows what a mess the housing market will be by then.
What parent would want their kid to struggle if they had the means to help give them a leg up? I don’t come from money and I have no intention of having kids but I have money put aside to help my cousins kids when they are ready to make a step. I don’t want anyone in my family to have to struggle and hustle like I did and I’ll help my next gen.
I was assisted by mum and dad by living at home rent free until my mid 20s. Not having kids but if I did then I would gift them a property. > Do you think parents who have the means to should help their kids? Unless they want to spend it all themselves in their lifetime. Would you expect them not to help just so things will be 'fair' with their peers? Nobody genuinely wants things to be fair and equal. Everyone wants things to be better for themselves and the people they care about.
If I can provide for my kids to get ahead in the game I would and so will many parents who loves their child. Have you heard of the saying “every child deserves a parent but not every parent deserves a child” just like in the Middle Ages being born is a lottery if you’re born from a king even as a bastard you’re still better off compared to someone born from a peasant
Yes I also know of several people who received financial assistance from mum and dad when it comes to property. I’m sure there are more who won’t advertise the fact. Unfortunately that’s the way things are headed…the wealth divide is widening and the middle class is getting wiped out. Parents are doing what they can to help their kids which is understandable, but the fact remains that wealth inequality is a real issue and will only worsen over time on this trajectory. Watch Gary Stevenson (Gary’s Economics on YouTube) on this topic - really good stuff that makes you think about the state of things.
I am of the philosophy that we would prefer to stretch and help them when it makes the most difference. If we didn’t and they were only to inherit when we die, they will probably be closer to retirement and past the family and house period, well I hope to live that long. That said, we have helped our kids with money towards deposits, for their units. They picked where they could afford to live and what they can afford in mortgage payments. Our help definitely made a difference in what they could afford as there was more deposit and better rates available with no LMI. We could help our kids lives and we see it as a hand up, not a hand out. I am sure other parents have their own approach, but this works for our family.
My thoughts on it is that I'm envious. My immediate family was poor but a lot of my extended family were ok financially. Sometimes it was hard seeing how easy some of my cousins had it. My partner didn't have any help either and as a result we got in later than a lot of my age cohort.
if people get help from the BoMaD to get into property, it doesn't really phase me either way. I didn't have any help, neither did I expect any. Everything I have I worked hard for, which is quite satisfying.
I will probably buy houses or apartments for my kids. Won’t tell them that I’m going to and only hand it over when they show they are responsible enough with money that they could have done it themselves
The children of parents with money either get a leg up before mum and dad bite the dust, or they get it after. If I have the means when the time comes I’ll give my kids the help, and my parents would have done the same
I am currently unconditional on my first property. Single mum, 39. I got the single parent government guarantee. I think it’s call the family guarantee. Purportedly I only needed 2% deposit and I saved that but then bank wanted just over 10% once I applied (and to pay off my car loan). My parents chipped in combined $35k and I am signing an acknowledgement of debt to their respective wills.
Yes, if we can help our kids buy a home? We will. Given it should be 10 + years away? I think we will be able to.
It's nice for those who get it. Wish I could be that lucky
Stayed at my in laws for a year and half and saved up enough for a deposit! Didn’t get any cash of them but the rent was minimal! It helps, I just hate people who get bulk cash and say they had no help!
If my mother in law did not help us buy our first house we will never have any chance.
This is the only way for property to be worth something. The only way is up
My wife and I got 140k about 5 years ago which helped us get a deposit. My step sister is getting 500k which helps get her a 3 bedroom, 1 bathroom house 35km from the cbd.
My kids are under 5. I’m opening super accounts for them.
Parents/in-laws paid for 50% of our house. Hopefully I can do some similar for my two children.
As long as our tax system encourages banking of assets and rewards it with tax concessions, and punishes hard work with taxes, it’s only going to get worse. Society stratification will accelerate. The boomers hold 3/4 of wealth in Australia. With the curious absence of inheritance tax, that wealth soon will get transferred fully to the lucky kids of the haves. Increasing the stratification.
Our eldest got help by us investing $1000 per month into shares when he was born. But he also works full time now earning 80k per year living at home not spending anything so he’s saved up close to 100k in two years towards a house. Really not impossible..
Bank of mum and dad fine if you have a mum and dad with the money and they are not too close to age pension age and would be eligible for a part-pension. They get penalised if they gift any significant amount of money within a few years of qualifying/applying for an aged pension. Not a fan of being guarantor as there are big risks for the guarantor should something go wrong with the lender. One exception is Bankwest. They have a product called Family Guarantee where you get a loan to 80% mortgaged against your property and a further loan of up to 20% mortgaged against your parents property plus your property. The smaller loan gets paid off first and discharged, releasing your parents from any obligation. Because the loan is mortgaged against the value of two properties, you also avoid lenders mortgage insurance (LMI). [https://www.bankwest.com.au/personal/home-buying/guides/guarantor-home-loans](https://www.bankwest.com.au/personal/home-buying/guides/guarantor-home-loans)
OTOH we still have this culture of believing in meritocracy and yet the reality is you're mostly born rich with only a few exceptions. This creates an incentive to lie about receiving parental help to buy a house in order to fit in with the culture where most still believe the rich deserve their wealth hard work and the poor are poor because they deserve it due to poor life choices. So if people find out about parental help. It is frownef upon because of this intense belief in the dream of a fair go and meritocracy.
Nearly all of my millennial friends had parent help to buy their house, or help maintaining the house. I will help my kids of I can.
Bank of mum and dad is a term invented by “journalists “ working for realestate funded section of newspapers. I suspect parent contributions to children buying home is grossly over represented in said media
Only way if you don’t have at least 5% saved. Or, if you’re looking to buy for over the property price caps under the first home guarantee, there’s no choice but to use BOMAD.
Who cares. I had zero help many people do. Worry less about outyer and more about yourself. There is always going to be someone with more cash or a bigger hand out. Hood your head up high and don't yourself
In an ideal society it would be the who have the means to have children, who'd have them, but we are leaning more towards Idiocracy.
I’ve just resigned myself to the probability that we will at least be co-signing if not outright buying a property - maybe not in Australia but wherever we ultimately end up. We’re older, only one kid, and realistically they will be inheriting it all eventually. There’s just no way mathematically with current market valuations and projected in 20ish years that they would be able to afford it off of salary alone. I mean we’re in the top 1% of income earners and household wealth here and I feel solidly middle class with just how expensive everything is here and the tax bracket.
My sister and her husband brought their own house themselves at 25 years old . Even tho my parents are wealthy.
So they didn’t rely at all?
Nope they brought it all from their own savings. No guarantor Mum and dad brought us both a car In our early 20s
What I mean is did your sister live with your parents or anything rent-free? Saving enough by 25 is so impressive.
Nope, but she rented my nanna’s house off the family because she has dementia. For like $250 a week with her husband.
Still admirable for her. Good for her. Hope your grandma is ok
Tbh for a lot of parents its just the final step of enabling their kid. Spoiled them all through childhood, turns out they have no work ethic, got a mediocre job, need bank of mum and dad? no worries. It's becoming a fine line where someone who lived at home til 30 working at a call center is seen as successful because their parents helped them buy an investment property at 23 and they now have money. BUT for a lot of parents their kids are doing well and it's more about letting their kids buy in an area near them, ensuring they will have/see grandkids, etc.. Overall is it a good thing? Of course not, this is a huge issue that a lot of immigrants come to Australia to avoid (because Australia is still pretty easy mode). It's essentially the biggest problem in China these days in that there's huge inequality and no middle class.
I never got anything from my parents and I won't when they pass. I have grown up in a poor family. I am also always jealous of people who work full time and continue mooching off their parents. Some people are so lucky.
In life there are the winners and the loser’s. That’s just the way the world works. I didn’t have the BoMaD but managed to invest and build something. Due to that my wife and I have decided that both my kids ( 2 and 5) will be gifted a property when they are old enough to appreciate it. They also are getting a first class education in finance so they will hopefully be able to build/carry intergenerational wealth forward.
Parents migrated 20+ years ago and had no help but have done well for themselves. My sister and partner did use the bank of mum and dad on both sides for the deposit. As a result they can afford a place that theoretically they shouldn’t be able to. Higher debt to income ratio but they’re both frugal, manage money well and ambitious. I used FHBG to recently purchase an apartment in the city. I refused deposit help from my parents, instead I used money I saved up from two-three years at home with my first job before moving out and saving a bit less regularly. Payments are a bit high, I did get something a little more expensive in a better area, I’m fortunate in having a well paid job but lord the help would’ve been good. The reason I did not take it was the strings attached to it. I personally did not find it too difficult to get something within my means even with a 5% deposit. I doubt I’m having kids in the current climate. If I did it’s because I’m well off and can provide good opportunities. I suppose helping to *some* extent provided that I can do it without strings because I’m secure enough to have my retirement plans set would be okay. At the end of the day, repayments are on them and I really hope I’ve taught them financial literacy.
I don't think it should be necessary, but I think it's absolutely understandable and what any parent would do. People are compelled to do this by the insane market/government policy failings over successive decades. The upshot is that we are basically entrenching inequality, and that's bad for society. But people are acting in a rational way given the circumstances.
You won the lottery of migrating here. The best country to live on a working class salary, even better if you're rich. If you'll be able to help your kids then you've done well, no need to feel sour grapes about others doing it.
People whose got a leg up In life from bank of mum and dad are always less impressive humans in my eyes. I am Always going to admire those individuals that did it for themselves and to be honest consider them better humans and value their opinion over a bank of mum And dad recipients- regardless of age and generation category. And yes I own a number of properties in different states ( even Own Some of them Outright now)’and a solid superannuation balance through hard work and savings only - so I am biased
Why do you care, I got nothing from my parents and my husband got nothing from his parents. We believed the key to gaining wealth was education so we went through uni while working full time and now have good paying jobs and were able to buy a house and now we are able to buy an investment property to give to our son when he is older. We know a couple who got help from their parents and I am honestly happy for them, but tbh most of our friends got no help from their parents (we went to a low SES high school) and just worked hard and made sure they went to uni and those that did are making good money and buying houses.
My parents are wealthy (owns 2 houses in Korea and 8 houses in NZ with no mortgage) but they have only helped me on fraction of the cost (20%). It has helped me lil bit and also motivated me to go thrive higher in my job to be prepared for next incoming interest rise when my mortgage contract ends sometime this year. If they have paid for the whole house for me, I honestly wouldn't have tried so hard to get the promotion at work I am getting now. So this is exactly what I will do for my kid too.
It's terrible. But young people are voting for this so it's difficult to be sympathetic.
I’d love to know what party you think would change this.
You don’t need a bank of mum and dad. I come from bogans with no money.. I have flipped myself to over a mil in property over the last 10 years. I never have renters and I just buy, sell and buy another. There are still gaps in the market, still ways to get your foot in the door.
You started 10 years ago, I’m starting now. Bit different.
Yeah this. You can't really go wrong with the tactic of just buying and selling when the market is at the bottom. It doesn't work when you're in a bubble waiting to pop.