Parents have financially stepped in becoming the fifth biggest lender to first home buyers

first_imgRay White Queensland CEO, Tony Warland said parents wanted to help secure their children’s future and they thought helping buy property could do that.Mr Warland said this could help them grow their wealth to get a more substantial deposit together to buy a home they would like to live in.”“There is nothing more rewarding than seeing children entering into their first property investment whether it be a home or investment it is wanting to secure a future for them.’’The research found the most common way that parents helped was allowing their children to live rent free in their home and contributing money toward a deposit.Some acted as a guarantor, helped with repayments or bought as a partner with their children.About 9 per cent of parents delayed their retirement in order to help their children out and 4 per cent said they would sell some assets. Kirsty Lamont of Mozo said parents realised it was hard for their children to save enough for a deposit on their own.More from newsMould, age, not enough to stop 17 bidders fighting for this home1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor1 hour agoMs Lamont said this could be because parents realised it was just too hard for young people to pull the money together to service a mortgage and pay them back.She said not all parents were contributing money but many were doing what they could to help including allowing their children to move back home rent free, so they could save.The research found 29 per cent of Australian families offered financial assistance to their children with the average amount being $64,206.“For many first home buyers, house prices around Australia can be absolutely daunting. It can take years to scrimp and save for a home deposit, all the while house prices continue to skyrocket, becoming increasingly inaccessible,’’ she said.Ray White Queensland CEO, Tony Warland said it was something he had seen in past years with families of different cultural backgrounds but now it had become more widespread.He said it wasn’t always cash but often it could be offering their own property as equity.“I would say that a lot of family members are helping their children not necessarily into homes (to live in) but also to get into an investment property.’’ Parents have become major lenders to their children trying to get into the property market.ALMOST a third of home buyers have to rely on money from their parents to buy their own home with Queensland mums and dads digging deep.According to research by financial comparison website Mozo this makes the “Bank of Mum and Dad’’ the fifth biggest mortgage lender in Australia, behind the big four banks.And it appears the Bank of Mum and Dad are a generous bunch with 67 per cent not expecting to be repaid.New research by Mozo revealed Queensland parents kicked in on average $44,694 to help their children into the property market.Nationally parents had contributed $65.3 billion to their children to buy their first property.The research asked parents how they helped their children and if they did how much they contributed.Mozo director, Kirsty Lamont, said it showed the many first home buyers were unable to independently take their first step onto the property ladder.“I think it was certainly surprising that the Bank of Mum and Dad is such a major lender in the property market,’’ she said.“I think it is really interesting that the fact that many parents don’t expect their kids to repay them financially.’’last_img read more

Run of sales cements Mermaid Waters as hotspot

first_img386 Rio Vista Blvd, Mermaid Waters sold under the hammer for $692,000.MERMAID Waters continues its dominance as a hotspot with a flurry of sales in the past week.During the weekend, a renovator at 386 Rio Vista Blvd sold under the hammer for $692,000. 4 Sequana Ave, Mermaid Waters sold for $1.15 million.He said buyers prepared to spend more than $1 million in the suburb were looking for quality homes and not just waterfront blocks.“We’ve sold three homes on dry blocks in the past two months for more than $1.1 million,” Mr Palmer said.“They’re big prices and we would never have seen those prices two to three years ago.” • MORE NEWS: EPIC RENO TRANSFORMS GOLD COAST HOME • MORE NEWS: TOP FIVE FIREPLACES ON THE GOLD COAST THIS WINTER • MORE NEWS: MEGA MANSION SELLS FOR $11 MILLION 24 Cadence Ave, Mermaid Waters is going to auction in August.He said another perk of Mermaid Waters was its underground power.“Because the suburb was developed that little bit later, all the power runs underground,” he said. “People often don’t realise but it’s more modern because of that.” This Mermaid Waters home at 386 Rio Vista Blvd is ripe for renovation.Mr Palmer said the appeal of the property as in large part to its position as an entry-level home in Mermaid Waters.The house is on a 791sq m corner block with two street frontages — and is ripe for renovation. Another Mermaid Waters property, a modern five-bedroom house at 4 Sequana Ave, was snapped up for $1.15 million days before its scheduled weekend auction. 4 Sequana Ave, Mermaid Waters sold prior to auction.More from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoNo expense was spared in the design and build of the home with a clever combination of wood and stone used throughout.“The buyers were worried about competition on auction day and wanted to secure it beforehand,” Mr Palmer said.“They put in a knockout price prior to auction.” 386 Rio Vista Blvd, Mermaid Waters was snapped up at auction by a family from Pimpama.A crowd of about 60 people including 12 registered bidders attended the auction on Saturday.“Bidding began at $550,000 and quickly got up to $650,000,” said Mitch Palmer, principal and auctioneer of Ray White Mermaid Waters.“Then it came down to three bidders in the end.“A young family from Pimpama ended up securing the home.” Ray White Mermaid Waters principal and auctioneer Mitch Palmer predicts Mermaid Waters’ popularity to remain.Mr Palmer predicted Mermaid Waters, which has a house median value of $867,500, to continue its dominance. “A few months ago I predicted its popularity would continue as its median sale price is much lower than the surrounding suburbs of Broadbeach Waters and Clear Island Waters,” he said.“People look at Broadbeach Waters and realise they could be living the same lifestyle 2km down the road at a cheaper price.“It’s the proximity to amenities, the proximity to cafes and restaurants and proximity to shopping centres. I think we can expect its popularity to remain.”last_img read more

WWE Extreme Rules 2019 matches, date, start time, location, rumors

— Aleister Black vs. Cesaro WWE Extreme Rules 2019 card— Kevin Owens vs. Dolph Ziggler While SummerSlam is quickly approaching, WWE has one other event before then with Extreme Rules 2019 taking place on Sunday, July 14, at the Wells Fargo Center in Philadelphia.There are some new storylines heading into this show but also a few continuing from the previous month. That includes the surprising return of The Undertaker, who will be a part of Extreme Rules. Baron Corbin and Lacey Evans get yet another opportunity at gold with the stipulation that this could be their last chance for a while if they don’t come out victorious. Join DAZN and watch more than 100 fight nights a yearThe entire card (unless one other match is added) has now been announced so here’s all you need to know about WWE Extreme Rules 2019.WWE Extreme Rules 2019 date, start timeWWE Extreme Rules 2019 will air live Sunday, July 14. The preshow will start at 6 p.m. ET.How to watch WWE Extreme Rules 2019WWE Extreme Rules 2019 will be available on pay-per-view or via the WWE Network.The WWE Network app is available on certain smart TVs — including Samsung, LG, Sony, and Panasonic — as well as Apple TV, Amazon Fire TV, Kindle Fire, Roku, Google Play, and Chromecast. You can also watch the network on your Xbox 360, Xbox One, PS3 and PS4 by downloading the app through its stores.WWE Extreme Rules 2019 card— Seth Rollins and Becky Lynch vs. Baron Corbin and Lacey Evans in a Last Chance Winner Takes All Mixed tag team Extreme Rules match for both the Universal championship and WWE Raw women’s championship— Kofi Kingston vs. Samoa Joe for the WWE championship— Roman Reigns and The Undertaker vs. Drew McIntyre and Shane McMahon in a No Holds Barred match— Daniel Bryan and Rowan vs. Heavy Machinery vs. The New Day for the “SmackDown” tag team championship— Ricochet vs. AJ Styles for the United States championship— Bayley vs. Alexa Bliss and Nikki Cross in a handicapped match for the “SmackDown” women’s championship— Braun Strowman vs. Bobby Lashley in a Last Man Standing match— The Revival vs. The Usos for the “Raw” tag team championship— Drew Gulak vs. Tony Nese for the WWE cruiserweight championship read more