Owning a home is likely going to be the biggest asset your children will buy in their lifetime, so helping them understand how they can get there will help them get to this point much earlier.
How can I help them?
- Budgeting – teaching them the fundamentals of living within their means.
- Kiwisaver – Help them set up a Kiwisaver account and understanding how they could potentially use this for first home withdrawal purposes
- Savings and Investments – showing them the importance of saving, how this can be used to show their financial character and how using different savings and investment schemes can help them save for that 20% deposit.
- Family loan or gift – Whether you will provide them with a loan or gift to put towards the deposit of their first home.
Everything is a little more achievable once you educate and plan and as they say “give a man a fish and he’ll eat for the day. Teach a man to fish and he’ll eat for a lifetime” The same concept applies when helping your children achieve their home ownership goals.