Aspiring first home buyers moving back in with parents to save

Adam Smith 18 December 2017 NEWS

Young couple buying a homeA St.George study has found more than a third of first home buyers turn to family or friends to help them achieve their property ambitions.

According to the St.George Home Buying Survey, 2.2 million Australians are planning to purchase their first home within the next five years. Of those planning to buy, 15% said they live with their parents to help them save, while 25% of those who bought within the last two years said they lived with their parents.

Living with parents presents challenges for prospective home buyers, the survey found. 56% of respondents said they had experienced an awkward or funny situation as a result of living with their parents as an adult, while 40% said they had been caught in embarrassing or “socially sensitive” situations.

Compare first home buyer loans

“Buying a home is no easy feat, and saving for a deposit in the current market can be difficult, so it’s no surprise that buyers are making sacrifices in order to help them save, including moving back in with parents,” St.George general manager for retail banking Ross Miller said.

While parents faced their own challenges, 79% said they would be willing to make sacrifices or compromises to help their children purchase a property. 42% said they would allow their adult children to live with them, while 20% said they would forego luxuries and 15% said they would be willing to live a less comfortable life.

Latest home loans headlines

Image: Shutterstock

Get more from finder

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site