Four happy kids of ‘Fa­ther House-mas’

The Sunday Telegraph (Sydney) - - THE SAUCE - MARISSA GEORGOPOULOS

ONE dad has made Fa­ther Christ­mas look like a cheap­skate by gift­ing his four chil­dren the ul­ti­mate Syd­ney present — their own homes.

Fi­nance worker Ma­jed Akil was afraid his adult chil­dren would never be able to scrape up a de­posit on their own, so he used his sav­ings and eq­uity in the fam­ily home to put down de­posits on four apart­ments in Liver­pool.

Two of the four sib­lings — who are aged 19 to 30 — have taken over the mort­gages with their part­ners. The other units will be rented out un­til the younger two com­plete their univer­sity stud­ies and are ready to move in.

“I wanted to give them a head start be­cause I think it has be­come im­pos­si­ble for our kids to save $100,000 to $150,000,” Mr Akil said.

“I also lost my late wife — their mum — to can­cer in 2013, and af­ter go­ing through that I had a plan to keep them close to­gether so they could sup­port one an­other.”

He bought the two-bed­room units off the plan for be­tween $487,000 and $546,000.

The units are in the first stage of Corona­tion Prop­erty’s The Pa­per Mill project on the Ge­orges River, which was com­pleted ear­lier this year. The sim­i­lar apart­ments are even in the same build­ing, only on dif­fer­ent floors.

While he paid about $50,000 to se­cure each one, Mr Akil said it was a solid in­vest­ment, as his chil­dren now have be­tween $100,000 and $150,000 in eq­uity.

Nadeen Akil said her fa­ther’s gen­eros­ity had been a great help. It meant she could pay for her wed­ding in March and have a home as well.

“He has helped us get on our feet. If he hadn’t, we would have been rent­ing a place now so we are very grate­ful,” she said.

The move has also strength­ened the fam­ily bond, as the sis­ters of­ten car­pool and have their younger sib­lings stay over, she said.

This is yet an­other case of Mil­len­ni­als be­ing given a help­ing hand by their par­ents — a grow­ing trend that is ex­actly what that gen­er­a­tion needs, ac­cord­ing to de­mog­ra­pher Mark McCrindle.

He said de­spite a 10 to 15 per cent dip in val­ues in some sub­urbs, first home buy­ers were still strug­gling.

“It is only a buyer’s mar­ket for those who have sig­nif­i­cant funds or al­ready have ac­cess to loans — that means par­ents who have a bit of eq­uity and sav­ings can be ac­tive in this mar­ket,” Mr McCrindle said. “This is ac­tu­ally a very wise ap­proach by par­ents; a mort­gage pushes (young buy­ers) to pay down the mort­gage ev­ery month and cut back on dis­cre­tionary ex­penses.”

Ma­jed Akil helped his four chil­dren, in­clud­ing Samir, Nadeen and Dahlia, buy their first homes — units in the same block. Pic­ture: Adam Yip

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