Your child’s future…

You witness their first smile, their first steps, and their first sport competition or music recital, but are you a parent who worries about your child’s first steps into the property market?  Well you’re not alone. Of more than 1000 children aged four to 14 and their parents surveyed, Cartoon Network’s New Generations study revealed 70 per cent of parents worry about their children’s ability to realise the great Australian dream.  

Here are 3 ways how you can help your children to buy a property now or in the future… 

  1. Give them a cash gift – One of the most popular ways to help your children as researched by REST Industry Super is to gift your child money whether it is from your investments or savings. This money can go towards a deposit or potentially cover the whole deposit.  

 

  1. Act as a guarantor on their mortgage – Another popular way that parents can help out is by acting as a guarantor for the child’s property purchase. We have written a whole blog about the ins and outs of being a guarantor which you can check out if this appeals to you. Simply, a parent can act as a guarantor over part of the loan by using their own home or investment property as security. If you are interested in learning more, contact us today and we can provide you with more information and even help guide your child take their first steps into the property market.  

 

  1. Teach them to budget and save – Teaching your children how to budget and save could be a really useful skill when they hit the adult world. Teaching them money always comes with obligations and to analyse the pros and cons of spending money could help them save for a deposit on a house. A recent article titled “I stopped eating smashed avocado and now I own a castle” really brings to light the way in which money can be spent. You may have heard about or read about this article which has been trending around multiple social media platforms. This article is all about how the money used on eating out, could go towards buying your first home.                                                                                                                                      

  1.  If you would like to read the article the link will be here: http://www.sbs.com.au/comedy/article/2016/10/17/i-stopped-eating-smashed-avocado-and-now-i-own-castle 

Posted in: First home buyers

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