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ABC News
ABC News
Business
Dr Julia Cook for RN Top 5

What role does cultural background play in loans from the bank of mum and dad?

When he was in his early 20s and moving to Sydney for a graduate position, Anthony received financial support from his parents to help him to buy a one-bedroom apartment.

"They provided half of the deposit [about $30,000], went guarantor, and carried me for the first year so that I could get ahead on the mortgage," the now 30-year-old says.

This is a familiar story for many young people.

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