I have a big house and a huge amount of debt.
It’s my house.
I’ve got the mortgage, the credit cards, the car.
It has everything I need to live comfortably.
But I’m not in a position to live in a rental property because I’ve been hit by a severe housing downturn.
The house I’m renting for $3,500 a month was built in 2002.
I bought it with $2,500 of my own money when I was 15.
When I was in my early 20s, my parents sold their house to pay off debt.
I took out a $1,000 loan from a local bank and used the rest to buy my first house, in 2010.
It’s been my life savings since then.
I’ve got a big deposit in my bank account and I’ve worked for my entire adult life to get there.
But, as my parents would have said, I don’t have the money.
I was told by a friend who works in finance that the problem with my loan was the way I paid it.
I thought it was ridiculous because my parents had no idea what I was going through.
What I learned when I moved to Melbourne is that many people in the housing market do not have any credit histories, let alone a long-term plan for their lives.
I have zero down.
I haven’t had to pay my rent for the last year.
My parents are in a stable job.
My wife and I don.
My children are in school and doing well.
We’re happy with our current situation.
How can I afford to live a house that doesn’t have a mortgage?
As a young child, my mum was in the same boat.
Her mortgage was paid off in 2003, when I turned 17.
I borrowed from her when I went to university and she was the one to pay the loan off.
The first few years of the recession were really tough.
I struggled to make ends meet, and was living on a small income.
Then, in the last three years, I’ve had no income, no savings, and have been paying back the mortgage every month.
This has meant I can’t afford a house in Melbourne.
There are lots of people who can afford to move to Melbourne but can’t.
There are people who have made a good first move, but who now can’t find work or have been unable to find work because of the housing crisis.
One friend of mine moved to Brisbane to study a degree in engineering, but then found work as a waitress and then a cleaner in a supermarket.
She now works as a cleaner and cleaner assistant in the supermarket.
In my situation, I’m living in a home that is about $50,000 in debt.
With my mortgage, I have no options.
If I’m still paying the interest on it, it’s not paying me back.
I’m in the best shape of my life.
My wife and my children are doing well financially.
But, my wife says, there are other options.
If I’m going to have a down payment, I want to be able to put a deposit down.
So, she has taken out a mortgage from her family trust, which gives her a low-interest rate mortgage that will cover all of her bills for the next 15 years.
We can’t pay for a house on the current income, so we’re trying to get a house at below-market rates.
We’ll pay the mortgage off on the down payment and then use the mortgage to buy a property in Melbourne and pay it off over time.
So, I could pay $2.50 a week for a place in Melbourne, and the next $1.50 each week for the house.
That’s about $1 a week less than what I’d be paying now.
My family trust is a big help, but it doesn’t cover the rest of the bills.
My bank has already taken out more than $400,000 of my mortgage repayments.
The trust says I’ll be able pay the balance off in about three years.
But the mortgage will take 20 years to pay back, so it won’t be enough to pay it all off in three years and the house will probably have to be sold.
After years of being homeless and struggling to find a job, my friends are starting to look at me.
They tell me I could buy a house and live comfortably in Melbourne with no down payment or deposit.
I can buy a second home and pay the down payments off.
They say, you’ve done the right thing.
It will take time.
But if you don’t take the first step now, you might never get there at all.