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Next generation will not be able to afford a mortgage: Survey

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Your Investment Property | 06 Apr 2016, 04:39 AM Agree 0
Almost three in five Australians believe the next generation will never own their own home, the results of a new survey have shown
  • Wendy | 06 Apr 2016, 03:21 PM Agree 0
    I can only agree. I myself do not own a home, and I am now in my 50's. The great Australian dream is now the great Australian nightmare! With the cost of living soaring be it food, electricity, fuel etc. with job losses all around, low wages not in keeping up with inflation, how can anyone own anything, unless you come from a wealthy background.
    Australia is being sold off to overseas companies at a fast rate, do we the people have a say in this?
    I really feel for our children and future generations.
    It is not rocket science, unless there are changes implemented dramatically, there is not going to be a future for our children to look forward to!
  • Bob | 06 Apr 2016, 03:28 PM Agree 0
    Shocking! Came across a similar article in the Daily Mirror saying 90% of first time homeowners can't afford to buy!!!

    Granted it was back in 1988 when the Sydney median was $85k ;)

    Check it out-
  • Bart | 06 Apr 2016, 04:57 PM Agree 0
    People will always be able to buy property, over the years that has never changed. What does change is the mind set of reaching the goal. When I brought my first property it was $14,990 and I had to borrow the $1000.00 to pay the solicitor.
    My mortgage was $220.00 month and I felt that would be very difficult to make?
    So what do you do? Cut out unneccessary expenditure, take another job and plan to do a tough first 5 years. You might not be able to buy in your suburb choice 1st or 2nd time round, nut you will get there in the end. Its just a mindset, just do it!
    • Anna | 07 Apr 2016, 07:22 PM Agree 0
      Yes, Bart. I love it when people say get a second job in the environment where many of us can't even get their first job. I can't. And I have 20 years of experience in construction industry . I can't get a job anymore because I am over 50.
  • Ashley | 12 Apr 2016, 02:34 PM Agree 0
    It is difficult but not impossible like most claim. In 2009 at the age of 21 I start a entry level job at the local sugar mill. I had no experience, zero $ to my name, and started on the very bottom rung of the pay scale as a trainee scaffolder, $210 take home a week. It took alot of patience taking on every shit task imaginable to work my way up to a decent wage and job title, lots of cash in hand work, lots of lonely weekends spent in my rented room saving for a deposit while friends pissed away their savings at the pub until finally in 2013 I had saved enough for a deposit. After meeting my fiancee in 2014 we decided that we would like to purchase an investment property. So I started saving again all while paying off a $360,000 mortgage debt. Granted it did help having my partners income to help this time round, but it still took lots of sacrifices and in March this year we were able to purchase our investment property. Now tell me again how the Australian dream is out of reach for GEN Y? Cause I'm GEN Y, so is my partner and in a little under 8 years we have amassed a portfolio most GEN Xers would be salivating over. Most articles I read on this subject contain an example from someone who has already given up without trying, it's by no means easy, it can be done, but you rarely hear about those stories.
    • AnnaDanishek | 14 Apr 2016, 10:58 PM Agree 0
      Thanks for your story. It motivates when you are at the beginning of a career and do shitty work and everybody who has experience is so arrogant to you. I think everyone should remember how difficult it is.
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