We want to help our 28-year-old buy his first home. Should we take out a mortgage?
But we are self-funded retirees and don’t want to gift him money or compromise our retirement capital.
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The individual has saved over $200,000 and is looking to buy his first apartment, but his current income situation is making it difficult to secure a mortgage.
His parents, self-funded retirees, want to help him without gifting him money or compromising their retirement capital.
- The 28-year-old has saved over $200,000 for a down payment.
- His current income from tutoring and marking exams is irregular and affects his mortgage eligibility.
Who's reporting it
- SMSydney Morning Herald - Latest News (AU)Left
We want to help our 28-year-old buy his first home. Should we take out a mortgage?
- BTBrisbane Times (AU)Left
We want to help our 28-year-old buy his first home. Should we take out a mortgage?
- TAThe Age (AU)Left
We want to help our 28-year-old buy his first home. Should we take out a mortgage?
Why it matters
The ability to secure a mortgage and buy a first apartment is a significant milestone, and finding a solution will have a substantial impact on the individual's financial stability and future plans.
- The 28-year-old may need to explore alternative mortgage options or wait until his income situation becomes more stable.
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