Parents have financially stepped in becoming the fifth biggest lender to first home buyers

ALMOST a third of home buyers have to rely on money from their parents to buy their own home with Queensland mums and dads digging deep.

According to research by financial comparison website Mozo this makes the “Bank of Mum and Dad’’ the fifth biggest mortgage lender in Australia, behind the big four banks.

And it appears the Bank of Mum and Dad are a generous bunch with 67 per cent not expecting to be repaid.

New research by Mozo revealed Queensland parents kicked in on average $44,694 to help their children into the property market.

READ MORE VIA REALESTATE.COM.AU

PHOTO: Kirsty Lamont of Mozo said parents realised it was hard for their children to save enough for a deposit on their own.