More Australians are getting help from parents when buying

With property prices in Australia reaching enormous numbers, more and more young Australians have been turning to their parents for a helping hand to get into the market. This can come in the form of borrowing or gifting the deposit to going guarantor and even having names on contracts. The astounding figures show that over 15% of all new buyers are getting help from Mum and Dad. It is often just a case of “getting in” and once you are in the market, you can start to create your own path.

When gifting or lending money to children, it is important that you seek both accounting and legal advice so that you can structure things correctly. Sometimes loans get mixed up with gifts, so it is always best to have them clearly defined so that there is no confusion.