Almost half of first-home buyers in New Zealand expect help from the Bank of Mum and Dad, according to a new report. 

OneChoice's Kiwi Housing Trends survey of more than 500 Kiwis found that 48% needed financial assistance from family to get onto the property ladder. 

But of those who did receive support from their parents, 70% said they were worried about the pressure it placed on them. 

Opes Partners’ Ed McKnight told Mike Hosking first-home buyers are really keen to get onto the ladder right now, as houses are more affordable than they were before the Covid-19 pandemic. 

The main thing he’s been seeing, he says, is parents getting a loan against their paid-off house and passing it along to their kids to use as a deposit – in many cases the kids are taking responsibility for paying off that loan as well. 

LISTEN ABOVE 

Almost half of first-home buyers in New Zealand expect help from the Bank of Mum and Dad, according to a new report.&nbsp;
OneChoice's Kiwi Housing Trends survey of more than 500 Kiwis found that 48% needed financial assistance from family to get onto the property ladder.&nbsp;
But of those who did receive support from their parents, 70% said they were worried about the pressure it placed on them.&nbsp;
Opes Partners’ Ed McKnight told Mike Hosking first-home buyers are really keen to get onto the ladder right now, as houses are more affordable than they were before the Covid-19 pandemic.&nbsp;
The main thing he’s been seeing, he says, is parents getting a loan against their paid-off house and passing it along to their kids to use as a deposit – in many cases the kids are taking responsibility for paying off that loan as well.&nbsp;
LISTEN ABOVE&nbsp;

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Open your mind to the world with New Zealand’s number one breakfast radio show. Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda. The sharpest voice and mind in the business, Mike drives strong opinion, delivers the best talent, and always leaves you wanting more. The Mike Hosking Breakfast always cuts through and delivers the best daily on Newstalk ZB.

Open your mind to the world with New Zealand’s number one breakfast radio show.Without question, as New Zealand’s number one talk host, Mike Hosking sets the day’s agenda.The sharpest voice and mind in the business, Mike drives strong opinion,...

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Ed McKnight: Economist at Opes Partners on the number of first-home buyers turning to their parents for financial assistance

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/ee271f33-e147-4510-ac0b-b447015945aa/transcript