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Millennials - how to help them afford a home?

8 years ago
last modified: 8 years ago

There is much debate around regarding the attitudes and lifestyle choices of those younger folk we call Millennials (born between 1980 and 2000).

It feels indisputable that it is hard for the next generation of grown-ups to break into the market.

So let's give them a hand and share our best tips for Millennials to give it their best shot.

Sarah and Mike's Home · More Info

It could be savings tips for them, clever ways to raise more cash for a deposit, or ideas for how parents can handle them while they accumulate funds! ;)

Comments (89)

  • 8 years ago

    There was an article a while back in the Canadian news about a young guy who managed to buy a house in Toronto and pay off the mortgage in 3 years. Seems he had a good job and no life, so he had over $100,000 socked away for a down payment, then bought the house, lived in the basement and rented out the rest of the house to a family. Also worked two extra jobs in addition to his regular one. Bicycled to work. Never went out.

    Well, he's got himself a nice asset now, but I'm not sure there isn't a happy medium there where you don't take a little longer to get the asset, and still have a life...

  • 8 years ago

    romancemichelle..you've done really well..I can't budget full stop ..I used to be able to when we were starting out..now it just goes flying out of the window ..

    my only vice is only cook enough to eat I only buy enough..that way hardly any waste..

    the kids gets two sets of clothes a year..as for shoes in Summer they get a pair of thongs, sandals runners and school shoes in Winter a pair of boots or similar..that's their basics

    it was too hard to plan so I made it up as I go..4 tshirts 4 jumpers 4 jeans 4 shorts or skirts 4 pjs..7 pairs of undies and socks and a nice outfit for birthday parties and the like..

    our cars we regularly service them and they've served us well..

    that's how we keep on top rates we pay yearly early my seminars I do that too as you save 20%..

    rarely do I splurge and buy things at the right price most time I wait for the sales like today the roasting pan I've been eyeing for a year or more was 50% off so I bought it..




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  • 8 years ago
    last modified: 8 years ago

    wuff ..I'm with you on that one..as parents I think we have to be fair..if one goes to private school so does the rest..if we help one we've got to help all of them..

    my dad approached me when our son was in primary school and suggested that I should send my son to private as he thought he would thrive in that environment ..I told him no as we had no plans of sending any of the kids private ..and if we sent him we would send the girls ..it's not that we couldn't afford to..we could only barely and well that means going without holidays ..eating mince every day..no extracurricular activities no going out..

    so we ended up enrolling them all into public ..we came from public schools ..if it's good enough for us it's good enough for them

  • 8 years ago

    When my first hubby and I got our first mortgage, my Dad said to me, "Welcome to poverty." We were on good wages, but we were very careful with money. That habit hasn't left me.

  • 8 years ago

    I've always been intrigued by the percent of Aussie kids who go to independent/private schools. Way higher than most other similar countries. I think something like 7 or 8% of Americans, Canadians and Brits send their kids to private schools, but here, it's somewhere around 30%. Why is that?

  • 8 years ago
    Because where I live the public schools are appalling
  • 8 years ago

    Our public schools were good in Sydney, but the high school isn't , where I live now, so private was the alternative, also for religious reasons. The interesting thing is they are not much different on the last item these days, so many very religious families are now home schooling.

  • 8 years ago
    last modified: 8 years ago

    depends on where you live jmm..I know on hubby's side Deer Park/St Albans public schools there =drug heaven ..

    so they end up putting their kids in Catholic schools when none of them are Catholic..

    when I went to school there was a gap as in between the ones ahead and the ones behind..so then the teacher got us kids who were ahead to help the ones behind..

    I was lucky that my parents knew about selective schools so I sat an exam and got in..back then there were 12 of us at school that sat only 2 got in..

    now it's 3K plus every year in Victoria that sits for the 4 selective schools..

    and then only a handful gets in

    I make my kids go for the exam because I want to gauge them against the top kids..

    we moved house so our kids can go to a zoned school ..zoned school are more academic and also better parents committees ..hence better school community

    their primary school was about to close down when we sent our oldest there in prep they only had 160 students..when we left with our oldest they had 400+ students because the principal was great and the parents committee did heaps of work volunteering fundraising ..

    everyone knew everyone else..all the kids looked after each other's siblings

  • 8 years ago
    last modified: 8 years ago

    in my group of friends only two didn't send their kids to private..one went to Catholic then she got into a selective school so off she went public..

    my other friend is like us..public all the way ..

    when it was time for the kids to enter high school we had lots of discussions..because on one hand we could afford if we tried ? and what if they can't get the ATAR they want going public? what if? all the what ifs? as parents we are suppose to better their lives?

    in the end we thought well we'd rather take them travelling ..they'd learn more as a person ..we wanted an all rounder ..money went into music lessons ..tutoring ..when their schools have band camp interstate they went..or overseas they went as well..

    if we had sent them to private we wouldn't have that luxury to say yes to anything..

  • 8 years ago

    Interesting. Not having had to put kids through the school system here,
    I don't quite grasp it, but I suspect there are both funding issues
    (schools are funded differently in Canada) and also expectation issues.
    Where I come from, the expectations of public schools seem to be
    generally higher, and the local school boards seem to have more input.
    Canadians expect their kids to get a good education in the public
    system, and generally, they do, at least if OECD comparisons are
    anything to go by. Maybe it's because there are fewer alternatives that
    the public system there is held to more account by the parents.
    Different traditions, I guess.

    Ultimately, if the school provides the basics and the parents and schools between them give the kids a love of learning, I think everyone's done well. Education doesn't end at year 12 or at university either.

  • 8 years ago
    last modified: 8 years ago

    jmm..this is what I can gather..if a school has less kids it in turns has less funding..

    in a well to do area..the mums stays home so there's more input..they volunteer more they are more interested in what their kids are doing etc..

    the kids are well behaved comes from good families.

    so it's not only the funding but the inputs as well..

    in not to do well areas both parents have to work no time to participate no money to help the school etc

    our kids loved their primary school...always something on..activities..the teachers are committed they turn up at all events..discos..camps..fairs..

  • 8 years ago

    To all the above Houzzers who have so openly shared the details of their lives and how they manage...everybody, amazing insight into how the Little Aussie Battler digs in and truimphs in the end! With this personal insight into young Aussie lives....and you are truly all worthy of admiration, any Milennial who says its impossible, will have to eat their words along with their burgers and junk food..(just as an example of things we don't really need) ...as here we have practical stories from ordinary, sensible people that prove that no matter the hardships ,if you are thrifty and determined, you can do anything in this big country of ours. Family support and advice shows as being vital. To Romancemichelle and Vy, you've provided the milennials with as much info as anyone needs to make a go of it and again congrats for opening up here on Houzz like you have. I love this forum. Decent hard working people all sharing their exeriences, their talents, their amazing creativity. I think the milennials who say they can't would have plenty to think about...if indeed they have the will."Where thee's a will there's a way". I think what has changed over the years..since I was a young trying to make a go of what life had dealt me, are the opportunities put before young peope both for good and for bad.

    I'm from the time when WWII was coming to an end. Food was scarce, necessities were rationed, One didn't have the shopping malls and places like Target and not many junk food outlets. Mum re-vamped her dresses for me, shoes were a luxury...many kids didn't wear shoes except for special and we were lucky if our feet hadn't grown much! I remember the main street,...all little shops with hard working families having a go at making a living. The Fish N Chip shop was the haunt of hungry kids coming home from school where with a PENNY you could buy a newspaper wrapped paper 'bag' of 'scraps'...the bits of batter that would float away from the fish in the deep fryer. Many children went to school without breakfast. Our workforce had been severly diminished so there was an influx of migration bringing enterprise and skills and foods we'd never heard of...times and people were very different in their approach to life. Only the very well off had cars...most houses did not have garages.Most of the houses in our street needed a few coats of paint...but you could only get black. Many households did not have a fridge or a vaccum cleaner much less a washer and drier.... and the dishwasher was the kids!

    I recall, in the 1940's when living in "half a house", a DIY converted tumble down old house from the 1900s at Frankstone in Victoria, an outer suburb of older home from more gracious days, the little boy next door (we were both 5) came to our door with his Mum...big occasion....He had a large Orange in each hand, I'd never seen one! How kind of that lady to give one to her neighbour's child! Today we'd probably think it was weird if somebody gave us one orange! So times were different and the opportunities were as well.

    I think that any millennial today despite the "bad" things that have been introduced to our society, should be able to "pull themselves up by the boot laces".

    Its all about the WILL to succeed. Many find it easier to live on handouts. I am shocked at some of their expectations.

    Anyway, all you enterprising and striving milennials who have your foot in the door to a good life...I feel really proud to know that there are such fine young people out there! And P.S...about the asbestos, there are still lots of old houses full of it and sometimes its difficult to find a place without a sheet or two. VY, you are right, if one doesn't cut it....Wasn't implying that people should buy new homes. That, I think, is also ridiculous and unnecessry, some of the 1960s places can be done up beautifully. Just for me, I'd rather avoid. Suppose I was lucky to find an all timber 1920s old cottage.

    GREAT DISCUSSION!


  • 8 years ago
    last modified: 8 years ago

    ladyrob1..my kids never went without as hubby had a relative that always borrowed from us for their newest TV..trips away..so I thought to myself why not spend it all so there's no money to lend lol within reasons of course..lol

    not that it stopped the lending but I had money ..I squirrelled groceries money away to buy them a piano took me years and years but $100/ month each for two kids soon amounts to a lot of money lol..bought the piano outright you should have been there to see his face because he couldn't work out where the money came from lol

    we came here by boat with only clothes on our backs so if my parents can raise 5 kids on a $200 a week gross income (1980) because they were too proud to accept hand outs ..I think if you want a job there's jobs out there..

    I once asked mum why? why can't they just stay home with 5 kids and get more benefits ? this was because I saw one of my friends with a car meanwhile I had to travel by public transport..

    she replied..because Australia accepted us..and been good to us..we want to raise you guys up to walk on the streets with your heads held high ..to be of an asset to this lovely country that has accepted us..

    I hired a handyman the other day and he thanked me after I explained to him he was the first to get back to me and in my books if you are keen you get the job..his quote was a bit more than I had put aside for but he travelled 30 mins or more to come give me a quote so he got the job..

  • 8 years ago
    last modified: 8 years ago

    my parents are every thrifty ..every week they'd go to the market for fruits and vegies they bought meat in bulk..

    every Saturday we as kids had to deboned so many chicken Maryland pieces lol because it's cheaper to buy them debone them for fillets..then bones are used to make soup.

    the other weekend job was to cut up all left over fruits from the week to make fruit salad so nothing goes to waste..

    dinners from the night before were rejigged as lunch the next day ..we had steak sandwiches lol of jaffles from left over meats

    we all caught public transport with our yearly pass..holidays were by car..we went everywhere on road trips..

    as for camping there was plenty of that with the Scouts..

    some days I don't know how they coped..yet even now on their pension they still manage to go overseas..same principle I guess being thrifty..and having no mortgage

  • 8 years ago
    last modified: 8 years ago

    Vy, you probably already have , but write your family stories down, so important to keep these stories alive in families .. My mother came to Aus as a five year old, evacuated from Singapore as it fell in WW11, her father was in Changie, as a POW for three and a half years...my grandmother and mum and aunt did not know if he was alive or dead. When released they went back to Scotland but no work, my grandparents had to make the heart wrenching decision to leave their two girls in Scotland and return to Singapore to help rebuild, the girls were left with grand mother who died before my grandparents arrived in Singapore. The girls then stayed in a sort of foster home for another three years before they saw either parent again. My mother remembers no kindness from the foster mother, who used the girls food coupons to feed her cats. The only kindness she remembers was a teacher who brought them extra morsels of food. Mainly condensed milk. While refugees in Aus the Red Cross helped them, she remembers the women of the western (posh) suburbs looking down on them like they were scum. They then went to the country with Red Cross towns of Beverly and Brookton where granny was able to grow verge etc. She says they received great kindness in these town particularly from town doctor. The local GP who would have had all the old qualities of the country GP. Also the Anglican Church. Family history just so important, we have our grandmothers story. She did gloss over a lot of the hard business as women of her ilk and era and I am sure your parents Vy do as well, very stoical and proud.

  • 8 years ago
    last modified: 8 years ago

    Dear Vy and Wuff, your stories make me so grateful for being born in Australia even if from a violent, broken homelife..and all because of religion that should unite people. You did not say what country you were born in but I am sure the values of your culture live with you and contribute to ours. I and I shed a tear or two for your families in their sufferings. I think its terrible that many young Australians who have never known war and deprivation think that the country owes them a living. There's no doubt that your cultures will have had a great effect on our western culture. In a generation or two it will be obvious what migrants have contributed in morals and ethics. I really dislike seeing perfectly strong young people queuing up for handouts when they should be at the other end of the queue giving rather than taking...you can spot the ones, not all are lazy and greedy. I've been at both ends of that queue and found that I was so much happier when I was giving. I understand how humiliating it is to have to admit that you are poor.

    About writing your stories for posterity...its very important, not just to keep the history but also to make the younger more priviledged ones realise that things do not just come out of thin air but from hard work and often a lot of hardship and pain.

    There are kind hearted people everywhere and among them are those who like to be noticed for their kindness...when, if they only realised it, they are very priviledged to be able to give.

    I hope the milennials of this era in our country's history are grateful for their opportunities. Nobody should need to live on the street but sadly this sub-culture of doing nothing, having fun, getting drunk, doing drugs, having little babies that they cannot possibly care for then blaming the migrants for their situation is with us. I am too old and do not have any money to do anything about this sad state of things but I do hope that someday among the youthful and strong Australians is stepping up. Nobody should be without a house to live in in this country. Not everybody has had the opportunities to accmulate money but I hope that those who have had a good start realise that they are, compared to many, very fortunate.

    I have nothing but admiration for those who make the best of all they have. The young couples like Sarah and Mike, whose story started this forum are to be admired.

    I live in a small country town in Queensland. I came here in 1984 with enough money for a deposit on a very old tin miner's cottage. I was recovering from illness and a lot of tragedy at the time but I was so grateful and hopeful for the future having a little home, no matter how poor it was. If I could do that on my own with nobody's help, if you could do what you have done in a strange country, there's no reason whveringsvy some of the complaining milennials cannot do it. What a pity they do not read things like this. Many Good things to both of you, you deserve it! Below is my little old house in 1884. It snowed that year and I had no floor coverings, no hot water, no blinds and curtains...but it was mine and I felt like a king. 3o years later it is comfy and pretty and warm and my dobermann dog and I dug all the holes for the trees!

  • 8 years ago
    Thank you for your story Ladyrob1, it helps to have an understanding where we all come from. I was born here, my grandparents immigrated to Aus when my mother was 15, she later married my father (at 20) who was third generation born Australian, he has an idyllic life and helped us have similar .. I have been lucky .. More recently my husband and I have had some hard times with burglaries and our daughter being unwell but hopefully our luck is turning for the better
  • 8 years ago
    And we now have a beautiful granddaughter
  • 8 years ago

    My uncle was killed in the war..my grandma was heartbroken when he died..then I came along..her first grandchild..my dad was also in the war wounded quite bad so was discharged..

    when 1975 came along dad was in the airport but we were stuck outside so he came back out to find us..by the time we got to the airport the evacuation choppers already left..

    after the war we used to house prisoners that escaped from the concentration camp..

    there was a shortage of food..everything was rationed ..I was only a child mum would send me to line up to buy food..

    lots of people had nothing to eat ..they ate mostly barley ..casava to survive there was no rice no meat..or if there was rice it was mixed with barley to make it last longer..

    my dad was never home he was always away to find ways for us to leave..

    he would go down South to look for boats near the Cambodian border..

    we were home with mum..mum kept on selling stuff to find money for food ..my grandma would find whatever she can sell wrap it up in a rug..then we'd go to the streets..as soon as we can see the cops we'd pack up and run lol

    dad finally found a boat..it was his third attempt the other two boats got taken away..news got out the authorities found out his friend /relative got out in prison ..

  • 8 years ago

    Terrible, Vy.

  • 8 years ago
    last modified: 8 years ago

    this time he got someone in to find the spells and take them out of the boat..we made it safely to Malaysia..after going into a Singaporean port only to be pulled out..the navy ship chucked ham and chocolates chewing gums over to us to keep us going..it was horrifying as a big ship rocking the waves onto a small boat..

    in the end we landed in Malaysia on a beach..the men too scared ..sabotaged the boat so they couldn't pull us back out ..our trip lasted 7 days..

    72 on a small boat mostly friends..family..payments covered the boat's costs and food water and fuel ..

    I remembered they took us to bathe at a river? pond? and they'd stood there guarding us whilst we bathe staring at the girls and females..

    we then got transferred to an island ..

  • 8 years ago

    there we stayed for 29 days..we were very lucky as when we got to the island the Australians were there..they accepted us after an interview and we got to the refugee camp straight away..others stays for years..

    the island had huts..no walls on stumps with just a roof..and a floor..people would put up tarp or fabric to make divisions for families..

    at meal times you're given a bucket each and they dish food into the bucket for you ..

    I can't remember much just remembered we had to hike up into the mountains to go to the toilet as the toilets were out to sea..little cubicles that you'd sit and talk to the person next door..dividers only came up to your neck when you squat ..

  • 8 years ago

    Pretty amazing story Vy, what we do to each other!! the irony of our family story is my son's beautiful wife is of Japanese decent, her grandmother lived outside Hiroshima and remembered the bomb being dropped, my grandfather was in Changi pow ..our families through our history suffered unfathomable hardships but both Japanese granny now 90 and my mother (my sons granny now 80), celebrated their beloved grandchildrens wedding three years ago together. Forgiveness, love, time. Vy your parents are amazing , so glad they can see you and your children doing so well, and to add to the mix my husbands great grandfather was a Chinese man who came over in the gold rush. We are all Australian :)

  • 8 years ago

    then it was another 6 months in a refugee camp..a bit better than the island in some aspects no freedom though..the camp had barbed wire fences ..

    showers were communal..one big shower..food still in buckets ..

    we were in portables? a room would have 8 bunks ? or 4 bunks I can't remember so shared amongst a few families..

    this was where they treat you if you have TB etc ..kids played..learned a bit of English..

  • 8 years ago

    wuff ..yes ..the world is indeed a small place..war doesn't solve anything much just causes sufferings

    I haven't been back to Malaysia..I should one day..

    and now older I hate boats and ships..don't know got a fear of big waves eventhough as a kid on a small boat I wasn't afraid..

    I love the beach for walks..but that's it

  • 8 years ago
    Absolute understandable Vy ..a story of bravery from your dad, wanting something better for his children
  • 8 years ago
    If you think it's tuff saving for a deposit when you young to buy your first home just wait until you have that mortgage and teenagers constantly needing money for school and sporting activities. I have found these years with teenagers the hardest financially out of all the different stages we go through. At least when we were saving for our first house only 15 yrs ago it was just myself and my husband. So it was easy to control what we spent money on. Now with two children in high school the money just seems to be allocated to things before we've even been paid it!
  • 8 years ago

    I agree totally, homesaver.

  • 8 years ago
    Home lover, hang in there, like any stage of life doesn't last forever, at the time it feels like that is what it will be like forever but it does pass. Since our children left home..this time between them and our proposed retirement we have really been able to do a bit more and get ahead again .. Phew
  • 8 years ago

    It's interesting. I had the reverse problem a few years back - my folks were never well off, so I ended up helping them buy a house - we split the cost about 50/50. That meant they had a bit of a nest egg which gave them a small return, so they weren't trying to survive on pensions alone (and I had myself a property investment). Mom sold the house after dad passed away, and my share of the house came back to me,with a nice profit, but I'm now chipping in with my sister to keep Mom in a decent nursing home and trust me, that ain't cheap in Canada. I wonder whether the millennials will be able to support their own parents later in life, because I can't see the government being able to do it.

  • 8 years ago
    last modified: 8 years ago

    Jmm1837...not cheap in Aus either...I worry what will happen in future. Your parents are lucky to have you

  • 8 years ago

    @Wuff - I wouldn't be where I am in life now without my parents pushing me to get an education and have a career, so I figure it's only fair I repay the favour. My sister feels the same way, so between us, we can provide for Mom, but there'd be a lot of people our age who couldn't do it for their parents. I don't know how some of them will manage.

  • 8 years ago
    last modified: 8 years ago

    jmm we've done the same for my parents ..

    it's not cheap here either for a good nursing home it's 500K to get in the door..the one we service there's a waiting list..as it's a great team there that runs it properly..surprisingly it's a public one not private..

    it really depends on the management of the home..

    we've serviced a privately run one and it was so awful we were glad when they ended our contract for the mess that went with it was not worth our efforts..

    we'd deliver packs only to be contacted the next day to say the packs were all wrong ? why? because some silly person there went and took off all the Monday to Sun stickers and relabelled it to their liking so all of their patients ended up taking the wrong drugs ..as some have different tablets on different days..we had to retrieved all the packs and repack them..waste of time and effort..

    I shudder to think what else went on there

    one of my hospital clients said of another nursing home he wouldn't put his dog in there..let alone his mum..

  • 8 years ago

    The set up in Canada is a bit different than here, I think. Mom went into a retirement home near my sister about 5 years ago, had some medical setbacks a year or so back and was moved into the nursing wing of the same home. The place was five minutes' walk from my sister's house, so they were there 3 or 4 times and week, and very happy with the care being given.

    However, my sister and BIL have just retired and moved to the interior of BC, so the had to find Mom a new place - fortunately, they've got her into a nursing home run by the same group that ran the previous one, but about 35 km away, which is a pain. She's on a waiting list for a public bed, but she's been on that list from the beginning and at this point, I doubt we'll move her. Too disruptive at her age (she'll be 99 next month).

    There's no deposit to get in but man, those monthly charges - Mom's pensions only cover about a third so we're kicking in the rest. The care is good, though, which is the main thing. But the cost to provide decent nursing care for the elderly is phenomenal and I don't see how any tax base can begin to cover it.

  • 8 years ago

    I really wish that some milennials were reading all your awe inspiring stories of how you all got yourselves on your feet and are responsible not only for yourselves and children but now even for your elderly parents. The way some children are being brought up these days I wonder what will be the fate of their parents in ther decline. Last week I was up town shopping on a Saturday morning and a child of about 5yrs of age having a tantrum screaming and tugging at her frustrated mother..."I want...I want...I want". Mother said "I don't have any more money so you can't have it.." Saying 'No' to this child only made it worse and she put on a diplay of pleading, then screaming then reasoning and threatening ...it was quit incredible. The last retort I stayed around to hear ( as I felt very embarassed for the Mother) was....."But Mummy, the ATM has lots of money, you could just get it out of there.." !

    I wondered what would become of such a child with no guidance in her very early years. What when that child is among the next generation needing a deposit for a home? Would she be among those who think that society owes her a living? Would she find a sensible partner to help her. What an unfortunate beginning! I fear that some milennials would have had a bad start and that buying a home would be very difficult. I do not believe that it is getting any easier. And what when thy are the parents having to guide their children? I hate to think.

  • 8 years ago
    last modified: 8 years ago

    over here you place a deposit..they put it in a trust then costs incurred slowly get deducted from your money+interests ..what's left goes to your relatives when you go..

  • 8 years ago

    Vy - yes, different system. Mom is charged a monthly fee, no deposit involved. That makes it easier to get in, but the costs aren't any less over time.

  • 8 years ago
    last modified: 8 years ago

    My advice to help Millennials?

    Housing has gone from 3-4 times average income in the 1990's, to 10-12 times average income today in Sydney and Melbourne.

    • Ireland’s house bubble popped at 6 times average income.
    • United States house bubble popped at 5 times average income.
    • Spain’s house bubble popped at 6 times average income.
    • We’re now at 10-12 times average income and it hasn’t popped yet.

    Australia's household debt to GDP is now the highest in the world.

    So what’s my advice to Millennials. Keep renting, saving and wait for the down cycle.

    What’s being done to keep house prices going up? Since our bubble popped initially in 2009, a number of things have helped to keep upward pressure on prices.

    We’ve had some luck:

    • the China commodities boom (increased Australia’s income & ability to service more borrowing)
    • low interest rates (as the world economy continues to slow)

    And we’ve had Govt policy:

    • first home owners grants (increased prices)
    • PM Rudd changed foreign ownership rules for new builds (allowed 100% foreign buying of new builds)
    • Virtually zero enforcement of foreign ownership rules for established property and zero official statistics on foreign buying of established property since Kelly O’Dwyer’s inquiry. (encourages illegal foreign buying)
    • Immigration running at 3 times the long term average (keep wages low and demand for accomodation high)
    • Special visa’s for temporary workers 457 etc… (helps keep wages low and demand for accomodation high)
    • Slack bank oversight allowing lending by Australian banks to foreign nationals based on falsified income (google Westpac, ANZ admit to approving mortgages based on false foreign income http://www.abc.net.au/news/2016-05-09/westpac-and-anz-approve-hundreds-or-fraudulent-home-loans/7399320) (allowing them to outbid locals on price)
    • One of the highest levels of money laundering in the world into residential property (googleParis-based Financial Action Task Force "Australian residential property is a haven for international money laundering, particularly from China") (encourages illegal foreign buying)
    • Australian Govt who refuse to implement the recommended Anti Money Laundering legislation (it’s been under review for 7 years!) unlike Britain, USA, EU (google “ABC’s Four Corners program this week highlighted concerns that Chinese criminal funds may be propping up Australia’s real estate market”)(encourages illegal foreign buying)
    • PM Turnbull announced a new visa to allow foreigners to move to Australia so their children can go to primary school (google “http://www.sbs.com.au/news/article/2016/06/16/guardian-visas-boosting-interest-among-chinese-property-buyers” “http://www.macrobusiness.com.au/2016/06/turnbull-opens-new-student-migration-scam-floodgate/) Now Australian kids will have to compete with foreign students for a place a state primary school, secondary school, university, as well as for a house to live in.

    Well done Australian govt!

    Thanks to the PM (Malcolm Turnbull) former head of Goldman Sachs Australia bank, thanks to the Treasurer (Scott Morrison) former head of the Property Council of Australia and thanks to PM (Rudd).

    Millennial's (& now primary school aged children) will need to get off their bum and advocate politically for themselves, as clearly no one else will do it for them.

  • 8 years ago

    I agree, especially the apartment bubble market in Sydney and Melb is going to pop.

  • 8 years ago
    This thread is a wonderful read. Many inspiring and interesting reads.
  • 8 years ago
    It seems the only 'solutions' proposed in this article for the Millenial/Gen Y of owning a home was to continue living off the handouts of their parents. Wow what a disempowered outlook for a generation where all roads lead back to relying on the resources of others. This wreaks of an attitude of entitlement whereby there is no real understanding of setting goals and working towards achieving this gradually. This expectation of immediate gratification misses the entire process and journey of ' becoming'. A home can take 20 to 40 years to work towards 'creating' and even longer to pay off the mortgage.
    Forget about wanting it all NOW and do what every other proceeding generation has done -WORK towards your goal step by step of an independent home. Understand the meaning of real RESPONSIBILITY and stop expecting the superficiality of excessive materialism.
    Time to grow up.
  • 8 years ago

    Hi jwillosmith, as a young person myself I've found the stories and suggestions here inspirational and uplifting. I became a home owner several years ago. I was 21. I took no money from my parents and I did not live at home and I've shared above some of the ways that I made it happen.

    I think what many people forget is that many young people are highly educated and really quite intelligent and are waiting for their "big break". They don't want to work at maccas or Woolies because they have a university degree, so instead they volunteer and take internships while still living at home, waiting for the day when they will find that well paying dream job they were encouraged all their lives to work towards.

    The secret to getting ahead is to just take what work you can get. It hurts your ego. It is hard to work in a job that you are highly overqualified for. I don't think you're correct by saying young people are "entitled". These people have worked hard to fit into the world but there is no room for them and they don't have a plan B.

  • 8 years ago
    Jwillosmith, I didn't say that and I didn't find that the underlining attitude to the comments. Even so there also shouldn't be guilt cast on to those that may have the advantage of help from a parent. My kids will probably have that help but they are becoming sensitive caring people on their way to that point. As warren buffet said, " (if you can) give your kids enough money to do anything they want but not so much that they can do nothing".
  • 8 years ago

    Every family is different. There's no catch all solution to child rearing.

    Having said that, a midlife crisis can be lessened, or even avoided if a person had a chance to kick up their heels before they settled down to raise kids.

  • 8 years ago
    Life twists and turns I currently have children staying (for a few days) looking at houses....they are going 2x1 so they can get in the market...they are going to look at getting jobs in the region as is cheaper to buy regional than in Perth (one of the most expensive places in the world to live) .. The was just 'reccy' they have seen a couple $300000. . Would be nice to have them closer then I would never have to go to perth :), same properties in a close to CBD coffee strip etc in Perth would be 500,000+ . They are definitely good starter homes
  • 8 years ago
    Thank heavens for this well balanced article. People forget for we baby boomers interest rates were sky high. So while prices were cheaper paying loans back was costly. Love all these workable suggestions.
  • 8 years ago

    How many people actually live -payday to payday. The comments are good too


    https://www.buzzfeed.com/daves4/broke-life?sub=3820405_6107316&utm_term=.ha5jrMK64#.bcW7QAELB

  • 8 years ago

    The trouble with that Tribble4152k7 Trek is that everyone reading who has not experienced it thinks its just a page of jokes. The trouble with many milennials is they want everything now and have 'tanties' thiking they are entitled to it then they compare themselves and their situation to others when they have no idea how those others got where they are. It doesn't drop out of the sky for anyone but it might gush up from the ground for some Oil rich people. Some have absolutely no idea of what "I can't afford that" means! A good starter home is one you can afford but unfortunately, when they have no idea what "afford" means its not going to work is it? From what I've seen some milennials can't even manage on two salaries...and good salaies at that, many times because they include in their budget too many things they consider are absolute necessities. Because some of them earn two salaries they believe they are entitled to certain luxuries...theres that word again...the two words that defeat the purpose of getting their own home...even with a mortgage.... "afford" and "entitled". Sometimes $5 is out of the range of affordability and sometimes a two salaried couple forget why they are working so hard and reward themselves for their efforts. Then there's the syndrome "keeping up with the Joneses"...must not lose face, must not appear underpriviledged, must be able to measure up and match the spending habits of friends....who, you never know, might be doing exactly the same thing. My maxim has always been...and I count it as the reason I survive on very little, is,,,"Old is not bad" - " Out of fashion does not mean its broken" - If it works and is safe don't discard it and if it costs little to fix...fix it.... recycle, repurpose and re-use. If you can pick it up at the Op Shop its somebody else's loss and your good fortune. Finally, ask yourself..."Do I want this or do I really really need it?'...that's a good one. I always maintain that if you have something that you had to work really hard and save scrupulously to get...then you are entitled to it...and that applies to small things and to getting a home of your own.

  • 4 years ago

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