Parents 'might be able to help youngsters seeking home loans'

Monday 07 March 2011

Article by Mozo

Older members of a family might be able to help young people seeking their first home loan by assisting them with their deposit, an expert has suggested.

Parents 'might be able to help youngsters looking for home loans'

Writing for News.com.au, executive chairman of wealth management firm Yellow Brick Road Mark Bouris explained that one of the problems for young couples or singles looking for a home loan in the hope of buying their first house is that they cannot get together enough for a deposit.

He noted that many youngsters can afford to pay their mortgage, but the initial big payment is difficult to make.

"One option for the children and grandchildren is to help them get into their first home," he recommended.

Forward-thinking young Aussies – who might want to compare student banking – were recently advised to started saving for their first home by NAB retail state general manager Dion Crowe.

He told the South Australian Advertiser that saving from a young age can prove to be a great advantage when looking to get that first home loan.

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