More than 40 per cent of home buyers will borrow from the bank of mum and dad. New research shows more of that cash will flow to sons.
Daughters are less likely to get help from parents to buy their way into the Australian property market and women will bear the most pain from the Reserve Bank’s sharp increase in interest rates.
As interest rates tumbled at the start of the pandemic and state governments offered help to first-time buyers worth up to $89,000, the gap between daughters and sons narrowed – but women received 90 per cent of the assistance that men received from parents.Matt Lloyd-Cape, director of the Centre for Equitable Housing, said women were clearly treated differently by the bank of mum and dad.
There was a smaller gap among Gen Z – those born between 1996 and 2010 – but men were still more likely than women to get parental support. Almost one in four women say it is a constant struggle to keep up with repayments while 18 per cent of men are in the same predicament.
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