The Bank of Mum and Dad

According to the latest data from Digital Finance Analytics, nearly 55 per cent of Australian first home buyers turn to their parents for assistance to pull together a deposit for their first home. Listing the deposit as the main barrier to purchasing a home, it is estimated it will take couples an average of six years to save for a deposit on an average home in Melbourne.

High median house and unit prices in Melbourne now mean that a 20% deposit to purchase a  house is $152,000, or $110,000 for a median-priced unit.

In fact, two-thirds of these first home buyers receive an average amount of $88,450 from their parents as a deposit, according to the DFA data. This puts the estimated total lending from parents at around $20 billion, making the Bank of Mum and Dad one of the top 10 lenders in Australia.