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Hi,
The way I see it is your mum and dad would be so upset if they knew how your felt about this, yes they would probably be happy with his gift but yes they will also be happy with your gift, I remember I was upset as my sister can afford to spoil my mum and I can and her reply was " I would be happy with a homemade card from either of your because if I knew that potentionally you got into debt over buying me a gift I would be devistated knowing that you would be paying for it for months" truth is yes your brother is being kind but your home OH and living is more important that sending your parents on holiday, so email your brother abck and say " I think your idea is great but unfortunately I am in no postion to help you financially towards it and although I am unable to do anything as extravigant as you I kinda wanted to buy my own gift"
Good Luck