Why the bank of mum and dad is now moving in with the kids

Families in South and West Auckland are pooling their resources in order to get finance, OneRoof reports, and hoping to secure a home loan in the face of rising interest rates, high house prices and tougher lending rules. Ray White Papakura agent Anthony Russell told OneRoof that he’s noticed this phenomenon in communities where “they are really struggling and mum and dad have never actually owned a house”. Parents often had good savings including KiwiSaver to use as the deposit, but were unable to pay it off the loan before they retired.