Login
iscover
According to a new study, one quarter of Australians are moving in with their families in order to save for a house deposit.
The survey, conducted by mortgage provider Homeloans Ltd, found that 76 per cent of respondents had at some point returned home to live with their parents, with over half of them saying they had done so to save money.
“It appears most of us have moved in with parents or in-laws to save for a home deposit or other major expense – or, myself included, while renovating or building a home,” said Will Keall, national marketing manager of Homeloans.
"The most popular reason for moving in with parents or in-laws was to save for a house deposit (a quarter of respondents).
"Most of those who used this method to get a foot on the housing ladder were at the age when many start to think about settling down – 25 to 34,” Mr Keall said.
A majority – 63 per cent – of those surveyed reported they were out within the year, although WA bucked this trend, with 18 per cent saying they stayed more than two years.
In addition, 18 per cent said they moved in with their parents because they were unable to afford rent or mortgage repayments, and 18 per cent said it was due to building or renovating their own home.
The survey also brought to light the key sources of tension caused by these arrangements.
A lack of space and privacy was a major issue, with 30 per cent of those surveyed listing this as their top complaint.
The findings follow on from a study released earlier in the week by Cartoon Network, which stated that parents' number one financial fear concerned their children’s ability to purchase property.
[Related: Parents fear children’s chance to own property]
You are not authorised to post comments.
Comments will undergo moderation before they get published.