Boomers keen to help kids buy houses
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.
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.