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Around 60 per cent of first-home buyers get help from the Bank of Mum and Dad




First-home buyers have been struggling in the hot property market. Picture: Sam Ruttyn

One of the key drivers of the residential price surge has been the Bank of Mum and Dad.

There has been a record rise in financial assistance from the so-called Bank of Mum and Dad (BoMD), which is helping to fuel the boom in first homebuyer demand and working its way through costlier homes too.

Around 60 per cent of first homebuyers are getting money from mum, and dad, compared to just a decade ago when less than five per cent had struck a rich family vein.

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