First home buyers need help from parents

As housing affordability becomes a significant issue, alternatives to finding what is often a large deposit whist still paying rent or board is forcing younger home buyers in the directions referred to in the article on .

However these alternatives come with sometimes hidden or forgotten implications.

Where parents or other family members guarantee an advance to another family member, careful consideration should be given to estate planning.

Also, guarantors should carefully consider the dangers of the position, as many happy families have been torn apart by the unexpected call upon the guarantee by the lender.

You should always seek our legal advice and review your estate plans before you guarantee or provide other forms of financial assistance to family members to help buy a home.

If you or someone you know wants more information or needs help or advice, please email us on [email protected], or phone us at Lismore on 02 6621 2481, Ballina on 02 6686 2522 or Byron Bay on 02 6680 8525.