Ok so.. say an average home price in Sydney is in excess of $500,000 and the average home unit is $390,000. The average income in Australia is $50,000 and whilst we all want our children to be above average.. some are never going to make it... that's just how averages work...
So with $50,000 household income your child might manage to service a mortage of $200,000 and if they save really hard they might get themselves a deposit together of ~ $30,000.. (whihc will cover the stamp duty, bank fees and legal expenses... so where on earth will they get the other $300,000 if not from their parents?
So do we charge them rent until such time as they require a mortgage over our property to buy their own.. or do we let them have a good time and blow their money on overseas holidays and night clubbing?
2007-12-15
16:25:23
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11 answers
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asked by
Icy Gazpacho
6
in
Parenting