The 2018 Generational Property Ladder Survey, commissioned by homeloans.com.au, has found that from delaying retirement and sacrificing luxuries such as a new car or a holiday to dipping into their savings, parents are making both personal and financial sacrifices on behalf of their generations to come.
The survey revealed that almost two in three parents (65 per cent ) were either currently making financial and personal sacrifices for their children and/or grandchildren to help them buy a home, or that they plan to in the future.
In addition, of those parents willing to provide financial assistance, more than one in four (29 per cent) were prepared to retire later than planned. This is aligned to recent reports by the Australian Bureau of Statistics (ABS 2017) which revealed a current trend of later retirement despite a growth in superannuation.
Head of marketing at homeloans.com.au Will Keall said that the survey highlights the great lengths parents will go to.
“Due to tougher mortgage lending standards, it’s increasingly difficult for younger generations to break into the property market,” Mr Keall said.
“To help with this, parents are doing what they can to help their children become first home buyers, from cutting back on their own spending to going guarantor on a loan.”