Demand for co-ownership products and guarantor home loans look set to soar with almost eight out of ten parents prepared to help their children achieve home ownership.
ING DIRECT’s Mortgage Monitor report released last week found that almost one quarter of parents (23 per cent) feel obligated to go guarantor on their children’s home loans.
Furthermore, just over one quarter (26 per cent) said they would contribute to a deposit, 15 per cent would provide an interest-free loan and six per cent said they would contribute significantly to the cost of a purchase.
“Mums and dads are feeling a great deal of obligation to help their kids achieve their own ‘Great Australian Dream’,” said ING DIRECT’s Brett Morgan.
In addition, young Australians also feel their parents should be helping out, with 73 per cent believing their parents should contribute financially to their home purchase.
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