Newspaper article The Northern Star (Lismore, Australia)

Help the Kids Get Their Home; Kim Morris Suggests Bridging a Deposit Gap with a Mortgage Can Get Them Started

Newspaper article The Northern Star (Lismore, Australia)

Help the Kids Get Their Home; Kim Morris Suggests Bridging a Deposit Gap with a Mortgage Can Get Them Started

Article excerpt

WHAT'S got two legs, knows everything, is taller than you are, makes rude noises and demands to be fed? You know what it is, don't you? I've had three of them and my latest wife has had two. We love them all dearly of course, but we certainly knew when it was time for them to leave the nest and create their own pathways.

It is interesting however that there appears to be a developing trend of late where kids are staying at home for longer.

And why not? The perks are pretty good and if it's a goal of theirs to one day own their home, the financial benefits of staying at home can mean that they can save a lot faster for the deposit required.

One of the difficulties is that as they save, the cost of housing can increase and it can feel like a boat trying to reach the horizon. But there is a way to acquire that first home now if mum and dad are in a position to bridge the deposit gap, not with cash, but with the equity they hold in their home. …

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