Category: borrowing from parents to buy a house Australia

Thinking about asking your parents for help with a deposit? It’s more common than you think. 60% of first home buyers are getting some kind of financial help from family, with the average amount being around $74,000.  The so-called Bank of Mum and Dad is now one of the biggest sources of home loan funding in the country. Some estimates put its total contribution at between $22 billion and $71 billion a year, and…