Bank of Mum and Dad lending an average of $73,522 to help their children take that first step on the property ladder – nationally, that number skyrockets to $92 billion and is up 41% from 2017.
Mozo data has revealed that the Bank of Mum and Dad still holds the title as the fifth biggest home lender in the country and are lending an average of $73,522 to help their children take that first step on the property ladder – nationally, that number skyrockets to $92 billion and is up 41% from 2017.
When Mozo first investigated the Bank of Mum and Dad, total national lending by parents reached $65.3 billion and saw 29% of parents giving their child a leg-up onto the property ladder.
According to a Domain property report that was released in April 2019, the average median property price in Sydney sat at an eye-watering $1,027,962. What’s even more disheartening is that property prices haven’t slipped below $1 million since 2015, making settling down to have a family all the more challenging.
“The property market in Australia is incredibly challenging for younger generations to break into with property prices surging by 395% in the last twenty five years. For this reason the Bank of Mum and Dad has become an essential player in our nation’s housing market,” said Mozo Director, Kirsty Lamont.
“Loan contributions have grown by 41% in the last two years along highlighting that the Bank of Mum and Dad will not be closing shop anytime soon.”
Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…
Tim K. DeanCredi Founder Commentator & Expert Family Lending | Bank of Mum & Dad | Neo-Credit Scores Tim K. Dean is a leading expert and commentator in the field of friends & family lending, the Bank of Mum and Dad and neo-credit scores.
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