3 days ago
‘I had no knowledge of how to save or buy a house': 21-year-old's huge housing win
Buying a house is an achievement for anyone, but for one young Australian woman, it was about breaking a viscious financial cycle she has been in her entire life.
Jessie, 21, grew up in a housing commission, and when she bought her first home, she was overwhelmed with a sense of achievement.
There was no bank of Mum and Dad to help her buy a property, and everything she learned about savings and finance began with her.
'I came from nothing and made something so special happen,' she told
Getting ahead financially without inherited wealth is a huge feat, according to financial comparison website Finder, with 44 per cent of investors receiving parental support compared to 29 per cent of non-investors.
Interestingly, 10 per cent of investors credited marrying well or receiving an inheritance as the primary factor behind their net wealth.
Jessie, alongside her partner, saved a combined $73,000 to buy their first home together in the regional city of Bathurst in NSW.
'Growing up in housing commission, I had no knowledge of how to save or buy a house,' she explained.
The 21-year-old said that it wasn't until she met her partner and his family that she was 'introduced to the idea of buying a home,' and in the beginning, it felt like an incredibly overwhelming goal.
Jessie said a big factor in helping the couple save for their house deposit was living with her partner's parents rent-free for a period of time.
It wasn't a quick fix, though. The 21-year-old is studying to become a paramedic and is balancing work and study, so it wasn't as simple as working herself to the bone to earn extra cash.
She had to learn to save what she'd always been earning.
'Every fibre in me wanted to give up and just rent but I pushed through and eventually saved enough,' she said.
'Now I have a home I can call mine and won't worry about moving every months. It is so special.'
Jessie said she contributed $23,000 to the deposit, and it took her over a year to save up and was a constant struggle.
'The shift for me was hard I struggled constantly and kept dipping into it for things I needed,' she said.
'I'm very fortune enough to have a job that pays well. I learnt to put away $1000 a fortnight out of my pay cheque.'
Jessie explained that she'd only ever known how to live pay cheque to pay cheque, and she had to shift her mentality.
A turning point for the young homebuyer was once she hit $5000 in savings. She started to enjoy watching her savings account grow.
'I hated seeing it dip under!' I learnt to love seeing my money grow,' she said.
One big thing that helped the 21-year-old along the way was enforcing some accountability.
'If I could give any tips, it helped early on when I struggled with spending it to put it in a double sign account at the bank and have someone who you can trust come in and co-sign,' she said.
'Meaning you can't take money out of that savings account unless you and the co-signer go into the physical branch to get it out.'
Jessie added that she was 'grateful' to grow up in housing commission because it has taught her to appreciate what she has now.
Online, Aussies were genuinely thrilled for the young homeowner and were quick to acknowledge her hard work.
'You inspire me so much. I'm currently living in that pay cheque to pay cheque life,' one wrote.
'I'm so proud of you,' another said.
'Your younger self must be so proud,' one noted.
'Came from exactly the same thing' someone else said.
'Seriously, such an amazing achievement,' another praised.
'Congrats! I come from similar circumstances and purchased my home at 43,' one said.
