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Surge in first home buyers enquires signals big growth in demand for the Bank of Mum & Dad.

Surge in first home buyers enquires signals big growth in demand for the Bank of Mum & Dad.

The majority of first home buyers now borrow from the so-called “Bank of Mum and Dad”, which accounts for more than $20 billion in property loans

HomeBuilder sparks FHB land enquiry spike

IThe announcement of the HomeBuilder package has led to a surge in first home buyers enquiring about vacant residential land. Data from REA Insights has revealed that enquiries for vacant residential land has surged over the past two months.

Following the announcement of the federal government’s HomeBuilder stimulus package, which provides grants for those purchasing land to build on, there was an 11.2 per cent increase in enquiries in June 2020, which followed a 36.6 per cent increase in May. Total email enquiries to agents has doubled year-on-year.

Even though vacant land enquiries made up a small overall share of total email enquiries (14.7 per cent in June), the data shows that vacant land enquiries soared to a record high – up 58.8 per cent over the month on June.

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…

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Credi the #1 lending management platform for friends family & their business

Formalise and manage your loan agreements online with Credi. Trusted by over 7,000 people worldwide. Takes minutes to set up

Use Credi for FREE – for all loans up to  A$5000, $5000 / €5000,  £5000 . Loans over cost A$20, $20, €20,  £20  or other other local currency amounts (sales tax may apply).

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