Nearly a third of all Aussie homeowners now use the Bank of Mum and Dad to afford a home

Nearly a third of all Aussie homeowners are now relying on the Bank of Mum and Dad to afford a property. The latest national Home Loan Report by Finder found 30 per cent of Aussies who own property today needed assistance from family to purchase and pay off their loan. This makes 1.8 million out of 6.2 million households reliant on family assistance, according to the most recent ABS statistics. Finder’s latest Home Loan Report revealed 30 per cent of Aussie homeowners needed help from family to buy a deposit or pay off their mortgage. Finder Home Loan Report author Richard Whitten said more potential buyers were relying on help from their family every year thanks to a more competitive market. “The Bank of Mum and Dad has become a major player,” he said. “For buyers with family backing, that support can cut years off the journey to homeownership and put them well ahead financially from the start.” Finder report author Richard Whitten said the Bank of Mum and Dad often saved buyers years of saving and stress in a tight housing market. The most common form of assistance was through contributions to a deposit, which made up 11 per cent of Australian buyers. The entire deposit was paid ...