Young Aussies in Sydney 'may need help from parents to get home loans'

Young Australians hoping to get a foot on the property ladder in Sydney might find the only way to do this is if they get help with the deposit for the home loans from their parents.

Speaking to the Sydney Morning Herald, Michelle Ho – who recently purchased a home in the city – revealed that the only way she could afford a house was because she and her partner have two incomes coming in and they received financial help from her parents.

She revealed that if she bought a property by herself she would barely have been able to purchase a studio flat.

This comes after the same publication cited figures indicating that the number of home loans issued to first time buyers in January was 1,676.

Those who want to get a mortgage for their first property may find that going online to compare home loans is an effective way for them to get the best financing for their purchase.

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