bank of mum and dad

What are the risks in opening up the bank of mum and dad?

PHOTO: “As a child that had the bank of mum and dad to help them get on their very very first property, I understand what’s happening.” Photo: Supplied

The Australian dream of buying a home can feel like it’s slipping out of reach for some prospective first-timers and saving for a deposit has never been more difficult.  Some parents are opening their wallets and cracking into their nest-eggs to give their kids a helping hand to enter the property market.

This week on Property UnpackedCanstar Editor-at-Large, finance commentator and author of Ditch the Debt and Get RichEffie Zahos  joins us to dive into the parental guarantor loans,  the risks that come along with it and how to save for a deposit when mum and dad are not an option.

Zahos gives personal insight into the pros and cons of parental assistance in buying. “As a child that had the bank of mum and dad to help them get on their very very first property, I understand what’s happening.” She shares her savings tips and tells us “right now putting money in an online saver account, you are going to take so long to get that deposit”.

We also get an in-depth run down on the ever-confusing list of government grants available to first-home buyers around Australian from Editorial Director, Adrian Lowe.

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