Now more than ever, many first home buyers in Melbourne are relying on their parents to get into the property market. Research indicates that more than a third of parents in Victoria provide financial assistance to their adult children to help them purchase their first home.
Property values in Melbourne continue to soar. In this June quarter, the median house price for Melbourne was $1,022,927. But don't be disheartened because with our help, we could have you in your dream home in no time and within your budget.
Real estate experts say that although young buyers are able to get home loans, many are being outbid at auctions. As such, parental support remains very important to help them get started in the property market.
Acting as a guarantor appears to be the most common way parents are lending a hand. Luckier still are purchasers who receive a financial gift in the form of a deposit from their mum and dad.
Many parents are also selling the big family homes and downsizing while the others have opted to gift money to their children instead of giving it at a later time in the form of an inheritance.
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