Featured Image Credit: Instagram/@twobrokegirls
Topics: News, Money, Social media, Australia
Britt Jones
Topics: News, Money, Social media, Australia
Homeownership is supposed to be a dream come true for many but for some, it is a nightmare.
We all picture our first home and it’s normally an idyllic scene, however, it doesn’t always turn out that way as hidden issues go unnoticed.
For one couple, the house they bought threw unexpected curveballs at them and created an awful experience.
Though, the internet isn’t too sure what to make of it.
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After an Australian woman came out to share her struggles with homeownership after purchasing a house with her partner, others spoke out about their own experiences.
Speaking on the podcast Two Broke Chicks as part of the hosts’ anonymous read-outs, the woman called her new home ‘worst investment of 2023’.
The dismayed homeowner explained her stance: “Buying a house was a bad investment. My partner and I couldn’t afford a house close to the city, so we bought way out in the suburbs.
“I’ve just had to start working a second job at a local pub a few nights a week due to rising interest rates and needing to afford mortgage payments.
“House maintenance is expensive- no more calling up your landlord, that’s your problem now.”
Even though the woman is making good money as a marketing manager, it’s just not enough as the recent rising costs and commute into the city has caused her to struggle.
She said: “Getting into the city to do anything is expensive and time consuming.
“The commute takes about two to three hours a day...Travel is not looking like a viable option for me over the next few years just due to the cost of mortgage repayments.
“I know renting isn't all sunshine and daisies either, but just wanted to be real.”
The candid admission about her homeowner journey sparked an online debate after listeners took different stances on the issue.
One person wrote: “This video hits hard to the soul, buying a house has been the biggest life lesson and puts so much into perspective!”
Another penned: “I regret buying a home. I could have done so much with that money, everyone lies- a house is a liability.”
However, not everyone was so understanding.
One person told the woman: “Welcome to life”.
Another wrote: “At least they’re not paying someone else’s mortgage and not loosing money there..”
It appears as though many Australians have faced a harsh rise in their payments after 13 interest rate rises in the last 18 months have caused mortgage repayments to skyrocket.
AMP Capital’s chief economist Shane Oliver spoke to Sky News about why it could be all down to the US Federal Reserve.
He said: “The US Fed is leading the way. They saw their inflation rate peak earlier than the other countries they’ve seen a longer period of decline so it’s understandable that they’re now pivoting towards rate cuts.
“Australia, like the British, are a bit sceptical that inflation is going to come down, still a bit concerned that it’s still too high, so the bias is still toward hiking, but I think as we go through the next few months it’ll become evident in Australia that inflation is continuing to fall.”
But time will tell whether this is the case.