Is it time for millennials to turn to the Mommy and Daddy Bank?

This advice applies especially to early home buyers, who, Winter said, would be better off considering the outer areas of Adelaide, Perth, Brisbane and the Gold Coast.

For starters, most Millennials can’t afford the 20% house deposit. Winter suggested going to the so-called Bank of Mum and Dad (BOMD) to try to enter the real estate market.

The BOMD has become the nation’s ninth largest mortgage lender with $ 34 billion in loans as more parents provide financial assistance to help their adult children purchase their first homes. Last year, Legal & General revealed that BOMD is behind more than half of home purchases by people under 35.

“If you’re a parent living in a regional city, your home has likely gone up between $ 50,000 and $ 100,000 recently, and you could easily complete the mortgage or apply for a small home loan for next to nothing to help finance the deposit, Winter said

Read more: Morning briefing: baby boomers shouldn’t have to shoulder the burden of affordability

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