THE “Bank of Mum and Dad” is now the nation’s fifth largest mortgage lender after the big four banks, according to new research.
The data from financial comparison website Mozo.com.au reveals 29 per cent of Australian families offer financial help to their kids, lending an average amount of $64,206.
As a whole, Aussie parents have lent their children $65.3 billion, based on a survey of 1002 Australian adults.
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Thomastown buyer Aimee Stanton, 24, saved the deposit for her investment property while living at the family home rent free. Picture: Supplied