Bypassing the need for the “Bank of Mum and Dad”
The “Bank of Mum and Dad” (loans or gifts from homebuyers’ parents) is now considered one of the most important factors in the Australian mortgage sector. However did you know that Darren Walters’ No1 Property Guide has been bypassing the need for this bank for over two years now?
A September 5 Channel Seven news report highlighted the importance of the “Bank of Mum and Dad” in young people being able to afford a deposit for a home. According to the news program, young homebuyers are being priced out of the real estate market, particularly in capital cities such as Sydney, Melbourne and Brisbane.
As real estate prices continue to soar many young folk are turning to their parents to help them buy their own home. And studies show that parents are only too willing to help their kids out with an estimated 29 percent of mums and dads offering money to their children for a deposit.
The figures speak for themselves:
$65.3 billion has been “lent” to kids.
The average sized loan is $64,000.
Parents are now considered the fifth largest player in the mortgage market.Of course Mums and Dads have always played a big part in helping their children get into their own homes.
It’s only natural to want to see the kids succeed. However with property prices on the rise, borrowing the deposit — or part payment — can be a significant drain on parental financial resources.
However it is possible to bypass the need for the “Bank of Mum and Dad” To not have to ask them for help in affording a deposit for a new home?
Currently operating in South east Queensland, though about to launch into Cairns and Mackay, then Southern Tweed, Newcastle and the Central Coast, Darren and his friendly team have captured the imagination of people with their no or low deposit scheme to help potential homebuyers.
“At No1 Property Guide we offer a fantastic no or low deposit service for our customers,” says founder Darren Walters. “Our system means you don’t need the Bank of Mum and Dad”.
If you’re looking for a fast, affordable way to buy a land and house package in some of southern Queensland’s most desirable postcodes, contact our friendly staff to find out how we can put you in touch with quality builders who offer fixed price, full turnkey homes. Our no deposit system makes us the best in the business in helping people looking to pursue the Great Aussie Dream of owning your own home.
Looking to get off the rental treadmill and into your own house and land package? Contact us now.
Connect with us at:
And at our sister site Build or Built
And find out what people are saying about us…