Unlocking homeownership for the next generation: a guide for parents

WITH TRIBE FINANCIAL

Our recent first home buyers’ night taught us as much as we think we shared.

As a mortgage broker – and as someone who’s spoken to a lot of young, aspiring first-home buyers – I’ve learned a few things recently that I think parents and mentors need to know.

Our recent night brought in a room full of young people who thought they were at least a year or two away from home ownership. They’d told themselves they needed way more time to build up a deposit or that their incomes weren’t quite there yet.

But here’s the twist: by the end of the night, nearly everyone realised they could be in the market sooner than they thought—now, or three to six months instead of a year or two. Perhaps one conversation away from being ready to pull the trigger. It was an eye-opener, even for us in the business. And it underscored something important: today’s young buyers often feel more daunted than they need to. The gap between “someday” and “now” is much smaller than they think.

If you’re a parent or mentor, here’s why this matters to you. We’re likely to see interest rates come down over the next year, and with that, we’ll probably see a rise in property prices. Waiting on the sidelines could mean missing out on current prices; a 10 per cent increase on a $600,000 home could mean falling another $60,000 behind. This is where we need your support, not just for encouragement but to make sure they’re aware of what’s possible now.

So, how can you help? Here are three ways to get that conversation started:

1. Encourage early research – Suggest they have an initial chat with a mortgage broker. Even if they’re unsure, this can give them a clear view of where they’re at, how much they might borrow, and what deposit they’ll need. It’s a lot more

informative than a quick Google search, I promise.

2. Help break down the deposit myth – Many young people think they need a 20 per cent deposit to even consider buying. Let them know there are options out there. Current government schemes could mean a $600,000 purchase might only need a deposit of $35,000. Make sure they actually know the right numbers, and

3. Encourage a long-term view, not just the here and now – A first home doesn’t have to be their “forever” home. Sometimes, buying a smaller, more affordable property gets them into the market sooner and puts them in a better position when they’re ready to upgrade.

Your support could be just the nudge they need to get the ball rolling—and who knows? They might be ready to take the plunge sooner than anyone expected. Let’s get the conversation going and see what’s possible.

Considering something similar for your family and not sure what’s possible? Or have a question you’d like to ask our team? Email [email protected]