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4 in 10 married couples buying first property get financial help from parents

Published on Jan 19, 2013 1:04 PM
Pamy Tan (right), 24, and Amos Yeo, 26, pictured in front of the Parkland Residences condominium, which is under construction on Jan 17 2013. As property prices increase, young couples are finding it hard to purchase their first home. It is now common for parents to help with the downpayment. -- ST PHOTO: Mark Cheong

As many as four in 10 couples buying their first property receive a financial leg-up from their parents in meeting upfront cash payments.

It is a trend property agents and conveyancing lawyers have been noticing for the past five years amid rising property prices, which have meant that couples just starting out in the workforce struggle to stump up upfront cash payments for their first home from their household kitty or Central Provident Fund accounts.

And the older folk who are helping their adult married children include working-class parents who live in public housing.

Property players and couples SundayLife! spoke to say daddy-mummy loans are needed mostly for those who have to fork out more cash upfront, for HDB resale, Design, Build and Sell Scheme or executive condominium (EC) units, or private apartments.

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