No surprise 22% of first home buyers getting parents' deposit boost
Some 22% of recent first home buyers across the nation had received help from their parents towards their deposit, according to research conducted by Nielsen for the Domain Group.
Some 14% used equity from their parents' home, and 16% were using inheritance money.
About 32% of buyers were already living with their parents or planning to move back in to assist in the savings while 34% were moving to a cheaper place to rent.
The bigger sacrifices had a half of respondents or higher looking to reduce their grocery expenses; cutting their eating out expenses; reducing entertainment costs; and spending less on clothes.
14% used equity from their parents' home, and 16% were using inheritance money.
When it came to saving, 11% of aspiring first-home buyers were pooling with family or friends to buy property.
About 32% of buyers were already living with their parents or planning to move back in; 34% were moving to a cheaper place to rent; half were looking to reduce their grocery expenses; 63% wanted to cut their eating out expenses; 64% aimed to reduce entertainment costs; and 58% were looking at cutting spending on clothes.
