PHOTO: SUPPLIED – Hannah McQueen, a financial strategist, who recently launched a new book on kids and money. The book is called Pocket Money to Property: How To Create Financially Independent Kids and is Hannah’s third book.
OPINION: It will be news to no one that the housing market is harder to get into now than ever before, and no amount of smashed avocado you forgo will change that.
The data shows growing numbers of first home buyers are raiding their Kiwisaver accounts to help fund their deposit, and withdrawing from the bank of Mum and Dad has also become a key tool for those trying to get on the property ladder.
In Australia, 55 per cent of first home buyers had parental help in 2017, compared to just 3.3 per cent back in 2010.
Here, there is no comprehensive sector-wide data, but one mortgage broker, Mike Pero Mortgages, ran some numbers with its clients which suggest it’s even higher here.
READ MORE:
* Bank of mum and dad could be NZ’s sixth largest first-home mortgage lender
* Half of all first-home buyers have parents’ help
READ MORE VIA STUFF