Your family could be the key to unlocking your new home

You don’t have to do it alone. Family support can help turn your homeownership dream into reality.

Start your journey

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A new way of thinking can be your way into your first home

When it comes to major purchases like buying a car or understanding important documents, many of us rely on our parents or relatives for advice and support. The same applies to one of the biggest investments of all—purchasing a home.

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In today’s market, turning to the “Bank of Mum and Dad” isn’t just a trend; it’s a savvy strategy that could fast-track your journey to homeownership.

Your family’s support might be the key to unlocking your new home, boosting your chances of success, and ensuring a solid investment in your future.

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Understanding your options

They can offer you a gift

Parents can help with your home deposit by gifting money — a simple way to increase your deposit amount and potentially reduce your mortgage repayments.

To meet lender requirements, the gift usually needs to be supported by a Statutory Declaration confirming it’s non-repayable. No loan agreements, no interest.

Family could provide a loan

A family loan can help with the deposit or other upfront costs — while keeping borrowing within the family.

Because the money will be repaid, lenders often require a formal loan agreement. It’s also recommended that you seek independent professional advice to help to protect you both.

Parents could become a guarantor

Parents may be able to assist their children in buying a home by acting as a guarantor on their mortgage.

This means providing additional security to the lender, which could help the child secure a loan with a smaller deposit or access better loan terms.

Co-borrower

As co-borrowers, parents share responsibility for the loan — which can improve your chances of approval and help you access better rates.

Keep in mind, both names will appear on the title, and both parties are legally liable for the mortgage so it’s crucial to understand the risks involved.

They can buy the property

Parents can purchase the property and rent it to you, giving you a place to live while you save for your own deposit.

The downside is you won’t own the home, but you may be able to negotiate lower rent and build up your savings faster.

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Hear from the experts on your options

Let’s Chat: Finance – Episode 4: Finance Part 2 

More first home buyers are turning to the Bank of Mum and Dad — but is it the right move for you?

In this episode, @tashinvests joins our team to chat about the creative ways people are getting into the market, from family support to co-buying with friends.

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Our trusted finance partner

Our finance partner Resolve Finance makes securing the right home loan simple, guiding you every step of the way. Their commitment extends beyond just home loans— offering a complete range of financial services.

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Your path starts with a chat

Speak to one of our New Homes Consultants to find out more.

Your Details

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This information does not consider your personal needs and financial circumstances and you should consider whether it is appropriate for you. We recommend seeking assistance from a qualified professional to help determine the right option for your financial situation. All financial solutions provided by Resolve Financial Solutions Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378, Australian Credit Licence No. 385487.

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Learn more about the pathways

Get in with our low deposit options

Managing your home and finances can be challenging, whether you’re a seasoned saver or just starting. Resolve Finance, our partnered specialist, is here to help.

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Buying titled land streamlines homeownership by enabling faster construction, as the land is ready for building.

You may find that a townhouse is a great value option

A townhouse offers an affordable, low-maintenance path to homeownership, often in vibrant communities near schools, shops, and transport. It’s ideal for first-home buyers balancing lifestyle and budget.