These strategies can assist your children without jeopardising your financial future.
, tougher lending conditions and sky-high prices, despite recent falls, had kept pushing up the amount needed for a deposit faster than his capacity to save, says Mason, 37, a marketing director.“Mum had been urging me to buy somewhere for years,” he says. “But I put travel and a uni degree ahead of homeownership. It got to the point where I told her that she’d need to help me if she wanted me to buy. So she did.
Strategies for helping children get on to the property ladder range from giving the cash or providing a loan to acting as co-guarantor, buying together or using a family trust. “But the other end of the pineapple is the nation’s horrendous rental market, with rising rents and vacancy rates of less than 1 per cent that are expected to be exacerbated by increasing migration and the return of overseas students,” he says.
“It also reduces the funds you will have available to fund your own retirement, which parents should consider before deciding on the level of assistance they provide,” Kennedy adds.“Alternatively, you could consider providing cash to your children as a loan,” she says. “You may have no intention for the child to repay the funds, but a loan agreement gives you the option.”
The advantage for parents is that they do not have to use their own cash and the child may be able to borrow more. “It can be done in anticipation of your child buying you out in the future, or with a view to selling the property and sharing the proceeds,” says Kennedy.
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