The bank of mum and dad remains one of the key sources for young people buying property.

The latest Mortgage Choice Home Loan Report shows 22% of Gen Z buyers funded their deposit with a cash gift from their parents. Mortgage Choice CEO Anthony Waldron says as property prices reach new highs, getting into the market has become harder. “We found that more than a fifth of Gen Z respondents were funding their home loan deposit with a cash gift from family – making the bank of mum and dad one of the largest lenders in the country,” he says. “Our brokers tell us that many first home buyers can’t afford to buy in Sydney without a cash gift, and those gifts range in value.” About a quarter of respondents to the survey are using the government’s First Home Guarantee Scheme and nearly a third are using the First Home Super Saver scheme.

About two-thirds of respondents are buying in conjunction with someone else, whether that is family, partner or a friend.