More and more Australians are moving back in with their parents or in-laws to save money for a house deposit, a new survey has revealed.
The consumer survey, conducted by non-bank lender Homeloans Ltd, showed that more than three quarters of respondents had moved in with their parents or in-laws in a bid to save money.
“The most popular reason for moving in with parents or in-laws was to save for a house deposit (a quarter of respondents). Most of those who used this method to get a foot on the housing ladder were in the age when many start to think about settling down – 25 to 34,” Will Keall, national marketing manager of Homeloans said.
“It was interesting to note that we're apparently never too old to go home, with 45 to 64-year-olds most likely to return to their parents while renovating or building.”
More than half of respondents (57%) said they’d gone home to their own parents, while 16% moved in with their in-laws to save money.
Across the states, Victorians were the least likely to consider moving back into the family home, with 64% heading home to mum and dad or the in-laws, compared with 76% across all states.
However, the majority of respondents (63%) moved out within a year, with NSW respondents the quickest to move out.
“WA respondents stay they longest, with only 55% moving out within the first year, and nearly one in five (18%) staying more than two years,” Keall said.
Half of respondents moved home as a couple only, while one in five arrived with kids in tow.
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out