Parents top bank

ALMOST a third of homebuyers have to rely on money from their parents to buy their own home, with Queensland mums and dads digging deep.

According to research by financial comparison website Mozo, this makes the “Bank of Mum and Dad’’ the fifth-biggest mortgage lender in Australia, behind the big four banks.

And it appears the Bank of Mum and Dad are a generous bunch, with 67 per cent not expecting to be repaid.

New research by Mozo revealed Queensland parents kicked in on average $44,694 to help their children into the property market.

Nationally, parents had contributed $65.3 billion to their children to buy their first property.