Cooking The Books

Each week the NZ Herald and Newstalk ZB's Cooking The Books podcast tackles a different money problem. Today, it's whether you should help your kids with the problem of getting a first home. Hosted by Frances Cook.Just when you thought the property market was bad enough, there's a whole new layer of complication added on top.High prices are now forcing many first home buyers to turn to the bank of mum and dad for help.Figures from Australia show that last year, 55 percent of first home buyers had some kind of help from the oldies.That's a jump up from just 3.3 percent in 2010. It's a shocking leap in just seven years.Over here in New Zealand, the figures are more piecemeal. Nobody collects this kind of data across the entire industry.But data from Mike Pero mortgages shows we might actually be worse off, with between 60-70 percent of their first home buyers getting help from the parents.This is worrying, first of all, because it's a step towards New Zealand having landed gentry. If you need parental help to b