Buying Property Without Parental Financial Assistance
Nearly a third of Australian homeowners have relied on the ‘bank of mum and dad’ to help them buy a property, but not having family support doesn't necessarily mean homeownership is out of reach.
Finder’s latest Home Loan Report found 30% of homeowners received some form of family assistance to buy their property or pay off their mortgage, equivalent to around 1.8 million households.
The forms of assistance were varied, including:
A contribution towards the deposit (the most common form of support)
Receiving their entire deposit
Using a family member as a guarantor
Family support can make getting into the property market easier, particularly when you’re trying to save a deposit while also covering rent and everyday expenses. But it isn’t the only pathway available.
Buyers who don’t have that option may need to look more broadly at how they could finance a purchase.
This is particularly relevant if you’re self-employed or your financial circumstances make it harder to qualify with a major bank, as other lenders may have options that better suit your situation.
#homebuyers #homeloans #homeownership
Looking for alternative pathways to buy?
If you’re considering buying a home but don’t fit standard bank lending criteria, Direct Credit Home Loans can help you explore your home loan finance options. Contact us on (07) 3726 1124 or email [email protected] to discuss your options.
