The so-called 'bank of mum and dad' is now New Zealand's fifth-largest home loan lender, Consumer NZ has found.
The consumer watchdog says parents are handing out $22 billion-worth of loans to help their children get on the property ladder.
The dream of owning your first home is a dream that can be difficult to achieve.
"It feels like you've got to be a millionaire to just own a home, which seems quite out of reach," one Wellingtonian said.
"I don't think I'll be able to manage everything all by myself, so I need support."
That support is needed now more than ever. In 2002, the average house price in New Zealand was $186,000 - six times the average income of $29,000 a year.
Today the median house price has risen to $890,000, which equates to more than 15 times the median income of $56,000 a year.
Consumer NZ's Gemma Rasmussen said the bank of mum and dad is stepping in to help.
"The bank of mum and dad is in fact the fifth-biggest lender when it comes to owner-occupier loans. Approximately 15 percent of families have helped out their children."
That's $22.6 billion-worth of help, to be exact - more than Kiwibank and TSB combined.
"Fifty percent of people who've bought a property have had assistance from their family."
That assistance has a flow-on effect as more buyers are able to pour more cash into housing.
"Prices become higher and also more people are locked out of the market."
Consumer NZ found more than half of parents gifted the loan and didn't expect to be paid back. Just over a quarter of people wanted to be paid back as soon as possible, while 16 percent expect regular payments.
Infometrics principal economist said it goes to show how much support is needed when buying a home.
"It reinforces that now the way into a house involves so many hoops, so much support, so much generosity from families that this is no longer a level playing field.
With inflation at a record high, there's concern that the playing field will get tougher.
"We know that households are under pressure. You worry that families aren't going to be able to provide as much support going forward, or if they are, they're going to put themselves in an even risker position."
