The Bank of Mum and Dad is changing, and so are the questions families need to ask
Evolving housing policy is prompting families to rethink the way they help the next generation into home ownership.
Surveys show a shift towards helping younger generation with living expenses, with the second most common use for cash from family being mortgage repayments. (Image source: Inside Creative House/Shutterstock.com)
For years, the so-called Bank of Mum and Dad has quietly become one of Australia’s largest sources of housing finance.
Parents have gifted deposits, acted as loan guarantors, delayed retirement and, in some cases, sold long-held investment properties to help their children achieve home ownership.
For many families, it has become one of the biggest financial decisions they will ever make.
But as governments introduce new housing policies across Au…
