A calculator we recently spotted will even tell you how much you’ll need to withdraw from the Bank of Mum and Dad.
Just plug in your details to the Bank of Mum and Dad Calculator and it will spit out the magic number.
Seems a bit cheeky? Maybe.
Or perhaps it’s a useful tool to start a conversation with family about housing affordability and intergenerational wealth transfers.
Last year Finder reported more than 60 per cent of first home buyers received some support from their parents.
Parents gave their children, on average, $33,278 towards a home deposit.
In fact if the Bank of Mum and Dad was an official lender it would be one of the biggest mortgage lenders in Australia, sitting behind the big four banks, and ranking somewhere between fifth and ninth largest, according to a 2021 Productivity Commission study, Domain reports.
Of course if your Bank of Mum and Dad isn’t likely to pay out anytime soon, or at all, that can make home ownership seem out of reach.
But with the right support and advice from an independent financial planner, local agents and a good lender, you might find you can chart your own path to home ownership.
Also check out government support via the Housing Australia website to see if you’re eligible for programs that can help you buy with as little as a 5 per cent, or even a 2 per cent deposit.
Ready to make your plan? Contact us for a chat about anything real estate.