Hard-Earned Deposit Secures Luxury Home
A 26-year-old Gen Z schoolteacher and her 23-year-old brother have purchased a $1.9 million two-bedroom apartment at The Collective in St Leonards, Sydney, combining their savings with matching funds from their parents.
Grace Roseby and her brother Pierce each contributed $50,000 from their own efforts toward the deposit. Their parents provided an additional $100,000, honoring a promise to match whatever the siblings saved.
Facing Envy and Misjudgments
Grace notes that many people react with jealousy upon hearing about the purchase, assuming it was a simple handout. “People are quick to assume,” she says. “They judge us because our parents helped, but they don’t know how hard we worked for our share of the deposit or the lessons our parents taught us.”
She emphasizes the sacrifices made to reach this goal, including skipping gap years after school and heading straight to university. Grace juggled three jobs simultaneously while constantly saving, often declining social invitations and non-essential purchases like shoes to stay focused.
Mother’s Tough Upbringing Shapes Generosity
Grace’s mother, Michele, who owns five properties, draws from her own challenging background to support her children. Her grandfather owned several Sydney hotels and divided his estate unevenly, leaving most to an uncle who later bought out the shares and expanded his wealth significantly.
Raised by a single mother, Michele and her brother learned independence early, walking to school alone at age five and returning to an empty home. Tragedy struck when her brother, struggling without a father figure, overdosed at 23, leaving Michele to care for their mother at a young age.
“I needed to succeed on my own and not rely on others,” Michele states. To prevent her children from wasting money on rent, she offered to match their deposit savings. She views parental assistance positively, noting that admirers are content with their lives, while critics may feel envious due to their own financial struggles.
Rising Trend in Parental Home-Buying Support
A 2025 survey of over 1,000 Australians reveals that 17 percent of first home buyers received parental help for their deposits, up from 11 percent in 2022. Additionally, Mozo’s Bank of Mum and Dad Report 2025 shows that 75 percent of parents offering such aid expect no repayment.
