Mum, I need a favour

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YOUNG battlers are resorting to unconventional ways to break into Melbourne’s housing market.

A growing number of parents are using their own homes as security so their children don’t have to stump up a deposit.

Others are buying with friends and family, renting out a room or buying an investment property to make a start.

Aussie Carnegie mortgage broker Mark Daly said family equity loans, which can allow applicants to borrow the entire value of a home and avoid costly mortgage insurance, were becoming more popular with younger cash-strapped buyers.

Many had used their savings on flashy cars and big-screen TVs but weren’t willing to compromise on location or lifestyle for a home.

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