How does parental assistance impact the affordability and accessibility of housing for first-time buyers? Do alternative financing options offered by parents create an imbalance in the housing market? As the fifth biggest lender in Australia, the bank of mum and dad has become a viable option for financing, particularly for first home buyers.

We take a closer look at this option with the guidance of our expert guest, Jenny Fagg — CEO and co-founder of 2Be. Jenny, who we are honoured to be here with today, provides valuable insights into the various financing options available to first home buyers and offers a balanced perspective on the potential advantages and considerations of parental assistance.

Understand the complexities behind how parental support can influence your home-buying journey as we delve into its effects on affordability and accessibility. We explore the ways in which financial help from parents can help overcome rising property prices and stringent lending criteria. At the same time, we discuss the potential implications of alternative financing options, such as an imbalance in the housing market.

If you're a first home buyer eager to understand how your parents can help you achieve your homeownership dreams, this episode is a must-listen. Gain a comprehensive understanding of how parental support can influence your home-buying journey and explore the potential benefits and challenges associated with it.

Episode Highlights:
00:00 - Welcome
02:47 - What is 2Be?
04:18 - Is it only the really wealthy who can get help from the bank of mum and dad?
06:35 - Borrowing against investment properties
10:45 - Explaining a reverse mortgage and the repayment options for the bank of mum and dad
14:54 - Paying back the parents – what are the terms?
20:04 - The opportunity cost of not getting into the market earlier
24:44 - Six tips for understanding the risks of parents lending to their children
36:43 - What if something unforeseen happens to the parents and they have to sell?
42:54 - Maximum proportion of the value that Jenny would offer access to out of the program
45:21 - What Jenny wishes she knew as a first home buyer
About Jenny Fagg:

Jenny Fagg is one of the founders of 2Be Finance Pty Ltd, a financing company that offers home equity loans for over 55s. Prior to this, Jenny served as CEO and Managing Director of ANZ National Bank Limited. She holds a PhD in Management (Risk) and a Bachelor of Economics (First Class Honours in Organisational Psychology).

Connect with Jenny Fagg:

➩ Follow Jenny on LinkedIn:
➩ Visit their website:

Resources mentioned in this episode:

➩ Make the best bank of mum and dad decision:
➩ Setting up the Bank of Mum and Dad to Success:
➩ Financial Firepower Calculator

➼ FREE TRAINING: How to make an educated decision so you buy your first home with the right amount of debt 

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Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

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