Finance Guru Scott Haywood says first home buyers rely on their parents more than ever

Children are relying more and more on their parents when it comes to borrowing money for a house. 

Finance Guru Scott Haywood says the fastest growing bank in Australia is ‘The Bank of Mum and Dad’.

‘The cheapest suburbs in Victoria and Melbourne no longer exist. People could buy in the 1990’s for maybe 5-times wages, 3-times wages at $100,000 – $120,000… Now we’re getting into an environment where average house prices, because wages haven’t grown, are up to 8 – 12 times average earnings.’ – Scott told Tom Elliott. 

Tom Elliott asked the question, should first home buyers be relying on their parents? Or should they toughen up and move further out from the city to more?

‘What we don’t want to see in Victoria, is houses only being for the wealthy’ – Scott said on 3AW Drive. 

Click PLAY below to hear more