Kerryn Boogaard Kerryn Boogaard
Beverly Goldsmith Beverly Goldsmith
Zoe Bingley-Pullin Zoe Bingley-Pullin

Parents fast track children into homes:

First home seekers are more likely to buy sooner with a little help from their parents and family members, according to the newly released RAMS First Home Buyers’ Pulse Check Survey 2012.
By Motherpedia
Date: September 18 2012
Editor Rating:

The results revealed those people looking to buy within the next 3 months are more likely to be living with their parents or family members (22% and 25% respectively).

RAMS Chief Executive, Melos Sulicich said first home seekers who are living with family are often able to fast track into homes as they can more easily save money than those who are renting.

“Our survey indicates that about one quarter of first home buyers are living with their parents or other family members to save money to buy their first home. To get the required deposit, a little over half of those surveyed admit they are likely to seek family support (53%) or live at home with their parents (55%),” Mr Sulicich said.

“First home buyers have told us the key challenge to saving for a home loan deposit is paying rent, unexpected expenses and the general cost of living.

“Affordability appears to be the key trigger when making a purchasing decision – nearly three times higher than interest rates alone (66.8% vs 27.4%).

“The results indicated the majority of first home buyers (70%) are renting while saving to buy and are paying an average of $327.10 on weekly rent. This makes it challenging for many first home buyers to get on the property ladder, however it’s not impossible as two thirds of respondents are optimistic they will be able to buy their first home within 12 months,” he said.

About 6 in 10 are saving for a deposit through an online high interest savings account to maximise their rate of return and improve their purchasing power.

“It seems first home buyers are saving more than ever before and RAMS’ home loan experience shows they are becoming more responsible about borrowing money with the average deposit contribution improving from 5% a few years ago to often at least 10% nowadays,” he said.

With the average age of a first home buyer increasing to mid to late 20s, often parents are offering their grown children a fast track into their first home by providing monetary gifts towards a deposit and considering limited guarantor loans.

Share This Tweet This Email To Friend
Recent Comments
0 Total Comments
Post a Comment
* your email address will not appear

Please enter the word you see in the image below:

Post a Comment
* your email address will not appear

Please enter the word you see in the image below:33343

Your Comment has been posted
Related Articles
Every year, millions of people vow to get organised, and…
Read more
Home is where the heart is and that's why creating…
Read more
Spring is a good time to de-clutter and will make…
Read more
Five tips to improve the daily flow of items and…
Read more

Latest Tech Used In Shipping Containers
Read how the shipping industry has revolutionised

Motherpedia cover-2

Win 1 set of a 4-book hardcover illustrated boxed set
Barbara Murray’s new 4-book Sound Stories is perfect for parents and educators and could assist with NAPLAN results

Motherpedia cover (4)

Where to celebrate Oktoberfest Australia
Get ready for this celebration!

Vtech giveaway motherpedia

Win 1 of 3 VTech Toys Pack Giveaway
Playtime is so much more with VTech

Motherpedia cover-4

A Fortnight of Foodie Experiences at East Village
A taste of East Village. What's in it for me?

Globber my too fix up cover

We Try: Globber My TOO Fix Up
A scooter that grows with your child

Throw a winning cricket pitch

3 Steps to a Winning Backyard Cricket Pitch
Ex-Adelaide Oval legend curator Les Burdett shares his tips for getting your backyard cricket pitch test match ready this summer

A bike that follows your kids life cycle - motherpedia - cover

A Bike That Follows Your Kids Life Cycle
Check out the Bunzi 2-in-1 gradual balance bike!

Moonlight lifestyle

Moonlight Cinema to bring…
Moonlight Cinema announces brand new Western Sydney venue

Screen shot 2019-11-26 at 8.29.12 am

Your Magical Christmas Wonderland…
Adventure park is about to light up the night sky with its "Christmas Festival of Lights"

Screen shot 2019-11-21 at 11.11.36 am

The Preston Market Gets…
It's time to feel pumped up for the holiday season!


Bunnings team members get…
Help raise funds by buying a snag or donating at your local store.