Taking Advice from Your Parents, the Right Move or a Huge Mistake?

Parents can be a great resource for advice, sometimes whether you ask for it or not.

But should first time buyers be listening to parents when it comes to property planning and mortgage strategy?

First-home buyers are increasingly relying on the bank of mum and dad to get on the property ladder, but they also depend on their parents’ advice for everything from suburb selection to choosing a lender.

A recent survey by finder.com.au revealed house hunters value advice from their parents more than any other source, including professionals and their own research, with one in four people turning to parents as their first port of call.

Only 21 per cent of people undertook their own research as their first step, while 16 per cent sought advice from a financial planner.

Considering their influence, parents have a responsibility to provide sound property guidance. But more importantly, house hunters need to understand how the bias their parents may have could affect their property selection and strategy.

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