Lifestyle

Owning a home no easy feat for youth

By Tara Whitsed

Results from Triple J’s What’s Up in Your World survey showed almost half of young people are still living at home with their parents.

Of the 11000 survey participants aged from 18 to 29, 42 per cent were still living at home with their parents but 79 per cent believed they would own a house one day.

For Kialla’s Chloe Warburton, buying her first home when she was just 22 years old was no easy feat.

Ms Warburton recalls times when she would have to bug her friends for toilet paper, having to hold down a mortgage while on a first-year cadet journalist’s wage.

Just like the 42 per cent of respondents still living at home with their parents, Ms Warburton said that was the only way she was able to save up for the property.

‘‘I was really lucky in that I was working full-time and living with my parents while saving for a deposit, so even though I wasn’t making a lot of money at the time I was able to put most of my wage towards saving for a deposit,’’ she said.

But it was not as simple as just asking the bank for a loan; Ms Warburton again had to rely on her parents.

‘‘The bank initially wouldn’t loan me the full amount because there wasn’t a guarantee that I’d get a housemate to make my payments, so part of the loan was in my parents’ name,’’ she said.

‘‘I paid both loans for a few years until I’d paid enough off to be able to put it all under my name.

‘‘I’m really thankful that my parents were able to help me out.’’

Having been settled in the three-bedroom home for almost a decade now, Ms Warburton said purchasing her home at such a young age meant she had to sacrifice other things.

‘‘A lot of people travel in their 20s and spend time overseas, but I sacrificed all of that,’’ she said.

‘‘I’m 31 now and am about to go overseas for the first time in my life — a bit later than most people of my generation.’’

But she did not regret her decision to purchase her Kialla home.

‘‘I love having my own house and my own asset, and it’s really exciting to have been paying towards my future financial security all these years,’’ she said.

She credited living regionally as being one of the major reasons she could afford to buy her home at 22.

‘‘I would’ve been stuffed if I lived in a metropolitan area. I think most young people are priced out of the market there,’’ Ms Warburton said.

‘‘Choosing to build in Shepparton meant that I was able to get into the property market with an affordable mortgage, and in a good area, too.

‘‘I think I’m really fortunate to live in this area for a lot of reasons, and that’s one of them.’’