Why Scrapping House Deposits For First-Home Buyers Is A Good Move

"I'm going to continue enjoying my life, one smashed avocado toastie at a time"

Like many young Australians, the dream of owning my first home currently seems out of reach. As a single man, the high cost of living and my love of smashed avocado has made saving for a house deposit difficult. Unlike some of my friends, I don't have the luxury of mum and dad forking out the cash for a house deposit.

Young Australians like myself are struggling to enter the property market. This is currently driven by low-interest rates and an increase in investment from overseas. No longer would this have to be the case after a Turnbull government backbencher recently tabled a radical proposal.

​Nationals MP Andrew Broad has put forward to the Australian government a plan to scrap house deposits in favour of a person being able to provide three years of unblemished rental history. This will demonstrate a persons ability to make payments on a mortgage.

"As long as the property they were purchasing, the payment schedule was somewhere near where their rental is, then we should be giving them that opportunity." Mr Broad said.​

As someone who is itching to stop paying someone else's mortgage, I welcome the move.​

Until then, I'm going to continue enjoying my life, one smashed avocado toastie at a time.