Fewer Gen Ys expect to ask their parents for help in buying their first home: RaboDirect
By Larry Schlesinger
Wednesday, 04 July 2012
There has been a marked decline in the proportion of Gen Y borrowers who expect to have to ask their parents to help them buy their first home, according to the 2012 National Savings and Debt Barometer compiled by RaboDirect.
Just over a quarter (26%) of Gen Y respondents surveyed in May this year by RaboDirect said they would need to get assistance from their parents to purchase a house or apartment, compared with more than a third (35%) in 2011.
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Generation Y refers to those people born in the late 1970s and early 1980s.
This increase in first-home buyer confidence comes with interest rates falling and affordability improving.
The most recent rate cuts have sparked a rush of new home buyers in Melbourne…
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