Today’s world lives under the myth that children tend to rely on their parent’s income for various expenses including the deposit for their homes. This article explores how that myth has been busted, and provides solutions for parents as well as young adults, to purchase their first homes, using $0 deposit!
There seems to be a common belief that younger generations tend to rely on “the bank of mom and dad” to fund their various needs, including buying a new home. But a new government report has found that, this isn’t the case for most people.
The Productivity Commission* released a comprehensive report that shows that most Aussies only received approximately $1000 in “gifts” from their parents over a period of three years.
Some ways in which parents help is through “gifts” to help directly pay the deposits.
Ms Catherine de Fontenay, the Productivity Commissioner said while there appeared to be some underreporting of gifts, those that were reported in the report were of small value, and for most people were financially negligible. This would mean that for Aussie kids to put down deposits for their homes, they would most likely have to be financially independent and stable.
But for all the parents out there, who wish to help their children buy a home, we have a product for you! $0 Deposit allows First Home Buyers and Property Investors with little or no deposit to buy homes across various locations, .
*Source: Productivity Commission
The 0Deposit Program is designed to help prospective buyers who have serviceability but are struggling on deposits to get their first homes or investment homes. The deposit is provided on interest free terms for a period of 3 to 5 years. Currently the program offers multiple locations including apartments, townhouses and house & land packages in NSW and VIC.
