PHOTO: Mozo director Kirsty Lamont notes that the Bank of Mum and Dad will only be getting more involved in the property market. Mozo director Kirsty Lamont notes that the Bank of Mum and Dad will only be getting more involved in the property market.Source:Supplied Source: Supplied
Many first-home buyers are struggling to get onto the property ladder, but there is one major lender that is changing the market, offering unique services and deals that others can’t match.
Whether they’re already in retirement, or heading that way, Baby Boomers and some Gen X parents appear to have got a new pastime – playing the property game on behalf of their grown children.
Contributions from the “Bank of Mum and Dad” are up 41 per cent in last two years, with the older generation lending a total of $92 billion in property assistance, according to data from mozo.com.au.
Beyond just the financial support, parents are also literally putting their hand up to help on auction day according to the Real Estate Buyers Agents Association (REBAA).
Rob Bakos bought a home with the help of his parents. Picture: Wayne TaylorSource:Supplied
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