The Bank of Mum and Dad is kicking in an average cash gift of $40,000, with saving for a deposit still the biggest hurdle for aspiring young buyers as property prices soar further out of reach.

Fresh data shows just under one-third or 29 per cent of Aussie homeowners with a mortgage received financial help from their parents, with 13 per cent given money towards a deposit.

Compare the Market’s Household Budget Barometer analysed wide-ranging effects of rising living costs on the path to homeownership, finding 63 per cent of first-home buyers struggled to save a deposit despite most making sacrifices like cutting back on travel and leisure.

The report comes as the Federal Government’s expanded Home Guarantee Scheme launched this month, removing place and income limits and raising propert

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