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.
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