Housing affordability: Survey shows parents prepared to give their children $33,278 on average for f
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Many Australian parents plan to give their children an important financial leg to help them buy their first home, new research finds. According to Finder's 2023 survey 1,033 Australian parents of children under 12, parents aim to "give" their children an average $33,278 towards their first home deposit. That's roughly one-third of the average homebuyer deposit based on the average home buyer loan in March. New research has shown that some Australian parents are willing to give their children an average of $33,278. The results show that mom and dad's bank is an important stepping stone for young people entering the property ladder. Victorian parents are willing to give their adult children an average of $52,716 to buy their first home, followed by South Australia and New South Wales . Queensland parents prepared to cough up an average of $36,497, followed by Western Australians at $31,076. But some parents weren't ready or had the tools to prepare the same important gift for their children. More than two said they would give $1,000 or less. Survey results confirm how many young Australians would be priced out of the property market without their parents' financial help. "Recent property price increases, combined with interest rate hikes, have made it extremely difficult for young buyers save a sufficient deposit to allow them qualify for home loans," said Finder money expert Sarah Megginson. It was also important for young people to realize that finding a deposit is just the initial expense of buying a property. Other responsibilities include managing council rates and strata fees, paying for repairs, and managing money, he said. Parents should also make sure they don't deplete their savings or retirement funds by gifting their children money for a home deposit. Properties of Aussie City World