Think first before handing over the cash
25/06/08 01:05 PM
It's nice to share the wealth but grandfathering
the children could do them a world of harm, not
good.
Baby boomers aren't doing their adult children any favours by being overly generous when helping them into their first home, advisers say. Instead, they're financing them into overvalued property that may become a millstone.
Financial planners and property investment advisers say older baby boomers have done well out of property and are retiring with large sums of tax-free money in the superannuation system.
At the same time, they're concerned that high prices mean their children aren't getting a foot on the property ladder. As a result, some parents are handing over tens of thousands of dollars for home and investment property deposits - in some cases leaving themselves short in retirement.
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Baby boomers aren't doing their adult children any favours by being overly generous when helping them into their first home, advisers say. Instead, they're financing them into overvalued property that may become a millstone.
Financial planners and property investment advisers say older baby boomers have done well out of property and are retiring with large sums of tax-free money in the superannuation system.
At the same time, they're concerned that high prices mean their children aren't getting a foot on the property ladder. As a result, some parents are handing over tens of thousands of dollars for home and investment property deposits - in some cases leaving themselves short in retirement.
Click here for full story
FOOTNOTE: Get yourself pre-approved for a home loan in just 60 seconds using My Home Loan Approvals exclusive software. It’s FREE, FAST and it can be ANONYMOUS. Be sure to check out the fantastic range of Home Loan Calculators. Answer those questions:- “How much can I borrow” and “What will my repayments be”. Fast Home Loan approvals are possible even home loans for people with bad credit.