Most parents want to see their children able to purchase their first home. Yet as the housing affordability rates continue to fall, more parents are working harder and longer to help make this happen.
According to reports issued by Galaxy Research, some one in three Australian parents will continue to work longer hours and into retirement to help their children to afford purchasing a home. This also showcases the real problem in Australia's housing market: the lack of affordable homes.
The survey was done with the help of non bank lender ING Direct. It showed that some 30% of parents are willing to push off their retirement years, or even use retirement income to help their children get into an affordable mortgage.
Brett Morgan who is from ING Direct and works as an executive director there says, "That means they'll have to work for longer or they won't have the retirement lifestyle they wanted to have. They'll have less savings to upgrade the kitchen, buy a new car or go on the holidays they want to go on." This was reported by The Australian.
The lowest numbers in the history of the affordability index in Australia showed just how unable many first time home buyers are to get into affordable housing here. The index has been in place for 22 years.
