Boomers keen to help kids buy houses
Many Baby Boomers are willing to go to great lengths to help their children.
Many Baby Boomers are willing to go to great lengths to help their children.A Westpac/Ipsos survey has found around 1 in 5 Baby Boomers has either gifted or loaned money to help their adult children get into the housing market. Of those who helped their children, 12% gave money as a gift while 10% gave money as a loan.
Baby Boomers have also helped their children in other ways, with 6% saying they have gone guarantor on a home loan for their adult children. Two percent went so far as to put a granny flat on their property to allow their adult children to live there.
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Boomers are also open to helping their children in the future. Those surveyed were asked about a range of measures they'd be willing to take to help their children buy their first property, with 41% saying they would consider a financial gift and 35% said they would consider lending their kids money.
Some Boomers were willing to go even further to help their children into the property market, with 25% saying they'd consider going guarantor on a home loan and 24% saying they would be willing to co-buy a home with their children.
However, when it comes to the family home most Boomers are keeping a firm hold. Only 33% have considered downsizing, with 16% saying they need space for adult children residing with them.
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