--- title: Should you get help from your parents with buying a home? - Loan Lounge description: The cost of buying a home in Australia is spinning out of control, especially if you’re looking in one of the larger metropolitan areas. Spending more than a decade’s pay on one single purchase is not feasible for most Australians. Some, when they can’t afford to buy new homes themselves, get help from their parents […] image: https://pages.loanlounge.au/hubfs/Imported_Blog_Media/Parental-Assistance-170717.png --- [Skip to content](https://pages.loanlounge.au/loan-lounge-blog/resources/should-you-get-help-from-your-parents-with-buying-a-home#main-content) [![](https://pages.loanlounge.au/hs-fs/hubfs/LL_RGB_Primary%20-%20Navy.jpg?width=1000&height=410&name=LL_RGB_Primary%20-%20Navy.jpg)Homepage](https://pages.loanlounge.au/loan-lounge-blog/resources/www.loanlounge.au) - Home - Products - Pricing - Blog - Company Get started - Home - Products - Pricing - Blog - Company Get started ![](https://pages.loanlounge.au/hs-fs/hubfs/Imported_Blog_Media/Parental-Assistance-170717.png?width=1400&height=420&name=Parental-Assistance-170717.png) # Should you get help from your parents with buying a home? ![Loan Lounge](https://7528315.fs1.hubspotusercontent-na1.net/hub/7528315/hubfs/raw_assets/public/mV0_d-cms-elevate-theme_hubspot/elevate/images/avatar-placeholder.jpg?width=48&height=48&name=avatar-placeholder.jpg) Loan Lounge October 8, 2022 # Should you get help from your parents with buying a home? ![](https://pages.loanlounge.au/hubfs/Imported_Blog_Media/brand-bricks-Oct-13-2025-10-16-39-4557-PM.svg) ![](https://pages.loanlounge.au/hubfs/Imported_Blog_Media/brand-bricks-mobile-Oct-13-2025-10-16-41-5695-PM.svg) ![](https://pages.loanlounge.au/hubfs/Imported_Blog_Media/brand-bricks-Oct-13-2025-10-16-39-4557-PM.svg) ![](https://pages.loanlounge.au/hs-fs/hubfs/Imported_Blog_Media/Parental-Assistance-170717.png?width=1400&height=420&name=Parental-Assistance-170717.png) The cost of buying a home in Australia is spinning out of control, especially if you’re looking in one of the larger metropolitan areas. Spending more than a decade’s pay on one single purchase is not feasible for most Australians. Some, when they can’t afford to buy new homes themselves, get help from their parents instead. Is this a wise idea? If you’re considering asking your family for financial assistance, what are the pros and cons you need to consider? **A diverse range of options** The good news about getting help from your family is there’s a wide range of ways to do it: - The down payment: Some mums and dads simply gift their kids a large stack of cash to make the deposit on a home, then trust them to handle the mortgage repayments from there. - A family loan: Loans from your parents are always better than from a bank; parents can offer lower (or no) interest rates and be more forgiving about repayments. - Acting as co-borrower on the mortgage: If your income is too low to qualify for the mortgage you want, your parents can go in as a co-borrower. **Getting home loans that will really help** The real estate landscape is complicated, and making a poor decision can set you back financially for a long time. If you work with us, we’ll give you all the insights you need to make smart decisions that will help you get onto the property market. ## Share this post [mailto:https%3A%2F%2Fpages.loanlounge.au%2Floan-lounge-blog%2Fresources%2Fshould-you-get-help-from-your-parents-with-buying-a-home](mailto:https%3A%2F%2Fpages.loanlounge.au%2Floan-lounge-blog%2Fresources%2Fshould-you-get-help-from-your-parents-with-buying-a-home) ## Keep reading ### [![](https://pages.loanlounge.au/hs-fs/hubfs/RBA%20Lifts%20Cash%20Rate%20to%203.85%25%20(1).png?width=2245&height=1587&name=RBA%20Lifts%20Cash%20Rate%20to%203.85%25%20(1).png) A Roadmap: How to Fast-Track Your First Home](https://pages.loanlounge.au/loan-lounge-blog/a-roadmap-how-to-fast-track-your-first-home) ### [![](https://pages.loanlounge.au/hs-fs/hubfs/Imported_Blog_Media/AdobeStock_1027019807-scaled.jpg?width=2560&height=1435&name=AdobeStock_1027019807-scaled.jpg) Can Nurses Really Buy their First Home with Just a 5% Deposit (or as Low as $30,000)? - Loan Lounge](https://pages.loanlounge.au/loan-lounge-blog/resources/can-nurses-really-buy-their-first-home-with-just-a-5-deposit-or-as-low-as-30000) [Ph](tel:02%209037%202825)[: 02 9037 2825 | ](tel:02%209037%202825)[hello@loanlounge.au](mailto:hello@loanlounge.au) Unit 502/180-186 Burwood Rd, Burwood NSW 2134 Australian Credit Licence 515608 Loan Lounge acknowledges the traditional custodians of the lands on which we work and live. 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