{"id":8921,"date":"2016-08-14T01:00:50","date_gmt":"2016-08-13T15:00:50","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=8921"},"modified":"2016-08-14T01:00:50","modified_gmt":"2016-08-13T15:00:50","slug":"the-bank-of-mum-and-dad","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-bank-of-mum-and-dad\/","title":{"rendered":"The bank of Mum and Dad – Melissa Gielnik"},"content":{"rendered":"

 
\nMFAA Director Melissa Gielnik<\/strong> tells us about a <\/b>spike in parental guarantee loans. What are they you might say. Melissa explains.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 Gee, we\u2019ve heard a lot lately about how unaffordable property is, but we\u2019re also hearing that the older generation \u2013 that is, maybe the parents or grandparents of people who are currently trying to buy a property \u2013 are among some of the most wealthy in Australia. Well, it just could be that the housing affordability issue that is gripping the nation for first-home buyers may just be improving through something called parental guarantees.
\nMany parents who have built up equity in their home are ideally placed to help their children \u2013 or grandchildren, even \u2013 move up the housing ladder much sooner. Parental guarantees are the loans of the future and can be an excellent affordability housing solution for young buyers according to Director of the MFAA and Managing Director of Smart Lending, Melissa Gielnik, who joins me.
\nG\u2019day, Melissa.
\nMelissa:<\/b>\u00a0 Hi Kevin. How are you?
\nKevin:<\/b>\u00a0 Thank you very much for your time. I\u2019m great, thanks.
\nTell me firstly, what are parental guarantees?
\nMelissa:<\/b>\u00a0 As the name suggests, it\u2019s a home loan where the family guarantees the applicant \u2013 so the younger family member using their property. Kevin, this is a limited liability loan. What that means is, the parents are limited to a dollar amount, an actual value. The loan is actually a win-win for both. The parents actually get to have a dollar value as a guarantee and the applicant gets their property.
\nKevin:<\/b>\u00a0 These parental guarantee loans have been around for some time, but I understand now that there are more financial institutions offering these as an alternative.
\nMelissa:<\/b>\u00a0 Yes, there are. The market for this type of loan has really grown, being that it is a loan of the future. It\u2019s really taken off. It\u2019s quite heavily promoted now. It\u2019s an alternative to applicants having to save a deposit, but also for the ones who have saved, Kevin, using a family pledge loan or a parental guarantee means that they can avoid lender\u2019s mortgage insurance.
\nKevin:<\/b>\u00a0 That\u2019s a great bonus, isn\u2019t it? Yes. As the Director of MFAA, I guess you get to see across what really is happening because you\u2019re very representative of what\u2019s happening with borrowers. Could you give us a bit of an idea about how many parental guarantee loans there might be in the market right now?
\nMelissa:<\/b>\u00a0 We\u2019ve seen a spike in the numbers. It\u2019s around 15% of the entire market. I can\u2019t give you a dollar value on that or a number value. But about 15% of the home loans written are parental guarantees currently.
\nKevin:<\/b>\u00a0 That\u2019s fairly extensive, isn\u2019t it? Can you give us a bit of an idea about some of the conditions that have to be met by both the buyer and the parents to qualify for these types of loans.
\nMelissa:<\/b>\u00a0 There are both conditions and considerations. With the conditions, parents firstly need to own or almost own their home. Equity is the key. The applicants themselves need to be able to service the loan. Parents don\u2019t help service the debt. The applicants need to do that via their own income. Then the applicants must also display and have the financial capacity to pay the loan back. I think they\u2019re the main conditions.
\nWith the considerations, parents must consider whether they want<\/i> to use their home to help their child, and the applicant needs to consider whether or not they can actually afford the loan and stretch themselves with their budget.
\nKevin:<\/b>\u00a0 Melissa, would you think that the increase in relying on the financial security of parents is a necessary evil, or just an easy way out for first-home buyers?
\nMelissa:<\/b>\u00a0 Honestly, I really think it is a combination of both. It is an easy way in to the market. We keep saying it\u2019s the loan of the future because as housing prices continue to rise\u2026 In Victoria, for example, an average $400,000 home, a client needs to save a 5% deposit of $20,000. They need government costs of $9500. Mortgage insurance is $13,000. So an average first-home buyer buying a property of $400,000 needs $43,500 in cash. When you look at it in that context, it\u2019s almost becoming a necessary evil.
\nKevin:<\/b>\u00a0 Do you think that the banks are responding here to what they see is growing unaffordability for first-home buyers? In other words, are they trying to be a little bit more flexible in the way that they can by offering these parental loans?
\nMelissa:<\/b>\u00a0 Yes, absolutely. I think the key between just adding mom and dad onto your home loan and doing a parental guarantee is the limited liability. Limited liability means that the parents, again, are committed to a dollar value. So should the child not pay their debt, the parents know exactly what they\u2019re up for.
\nThe banks have definitely created that market as opposed to mom and dad using their house wholly and going on the child\u2019s loan. It\u2019s a much better way of doing that. And it does mean that the applicant, Kevin, has to afford and be able to service the debt based on their own income, not mom and dad\u2019s income.
\nKevin:<\/b>\u00a0 That\u2019s a very good point, too. There has been a fair bit of criticism \u2013 and we carried it in our show recently, too \u2013 from a number of people saying that first-home buyers should stop whinging; it\u2019s not all that unaffordable. Where do you stand in all this? Do you think it is getting tougher for first home buyers? And if so, why?
\nMelissa:<\/b>\u00a0 I do. I think just the average price of a home has grown so much. We\u2019ve seen really large rises in house prices. The market has just grown generally. So when you think about perhaps when I bought my first home, I may have only needed $20,000. Now you need $43,000.
\nWages haven\u2019t actually risen in accordance with house prices, so it is becoming harder to save. A lot of people already rent, so you\u2019re renting and trying to save at the same time. Most moms and dads own their homes these days. They\u2019re a generation that paid off their debt quite early, and they\u2019re willing to help their children. With affordability being down and parents wanting to help, the family pledge loan makes sense.
\nKevin:<\/b>\u00a0 You mentioned earlier in our chat that about 15% of loans written by some brokers now are these parental guarantee loans. That leaves about 85% of people who can\u2019t actually get one of these loans. What advice would you have for them about getting their foot onto the ladder for the first time?
\nMelissa:<\/b>\u00a0 It\u2019s all about save, save, save, isn\u2019t it? It\u2019s all about head down bum up, getting in there, assessing your budget and trying to save as much as you can just to get into the property market.
\nMyself, I talk to my clients about learning to crawl before you walk. A lot of clients come in and they want to buy $600,000 first homes yet they fit in an affordability range of $400,000. So it\u2019s about first-home buyers adjusting their expectations, saving really hard for that deposit, because once you save once and you get that deposit once, it\u2019s a flow-on effect. You sell, you upgrade, you sell, you upgrade. You don\u2019t need to re-save again. But for the people who can\u2019t do a family pledge loan or a parental guarantee loan, it\u2019s all about saving.
\nKevin:<\/b>\u00a0 Yes, and getting your foot onto the ladder for the first time is the hardest part, but once you\u2019re there you can use things like gearing and so on, which is another subject altogether. The hard part is just getting there for the first time. So whatever you\u2019ve got to do, you\u2019ve got to do it. Once you\u2019re there, you\u2019ve got your start really, Melissa, don\u2019t you?
\nMelissa:<\/b>\u00a0 Yes, you do. You really do. It\u2019s all about getting your foot in the door. And for first home-buyers, Kevin, a lot of that is then adjusting their expectation.
\nKevin:<\/b>\u00a0 Absolutely. Melissa, we\u2019re out of time but thank you so much. It\u2019s been great talking to you.
\nMelissa Gielnik is Director of MFAA and Managing Director of Smart Lending. Some great advice there for first-home buyers. All the best to you, Melissa. Thanks for your time.
\nMelissa:<\/b>\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  MFAA Director Melissa Gielnik tells us about a spike in parental guarantee loans. What are they you might say. Melissa explains.   Transcript: Kevin:\u00a0 Gee, we\u2019ve heard a lot lately about how unaffordable property is, but we\u2019re also hearing that the older generation \u2013…<\/p>\n","protected":false},"author":176692471,"featured_media":8929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[32,34,10,11,13,17,25,27],"tags":[101],"class_list":["post-8921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nThe bank of Mum and Dad - Melissa Gielnik - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-bank-of-mum-and-dad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The bank of Mum and Dad - Melissa Gielnik - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  MFAA Director Melissa Gielnik tells us about a spike in parental guarantee loans. 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