GETTING A FOOT IN THE DOOR
AS a young mortgage broker, Kelsey Pienaar had a better insight into the property market than most other millennial first-home buyers.
But making the leap from renter to homeowner was a year-long struggle for the 24year-old and her tradie partner, Liam MccannFowler, 28, despite them both earning good wages.
While it’s cheaper to buy than rent in many Queensland suburbs, prospective homeowners face the double-edged sword of saving for a hefty deposit while still shelling out rent.
“We’ve had to sacrifice quite a lot and the only way we’ve been able to get our foot in the door was to put a deposit down on an off-theplan property, but then there’s still the risk of it not being built,” Ms Pienaar said.
The couple knew they could service a mortgage, but were constrained by saving the deposit, particularly amid fierce buyer competition as prices soared through the pandemic and first quarter of 2022.
They had to stick to a budget of $500,000 in order to claim the $15,000 first-home owner’s grant — not an easy feat when the median unit price is $595,000 in the central Gold Coast suburb of Robina, where they purchased.
Latest figures from comparison site Finder show paying off a home loan with a 10 per cent deposit is 7 per cent cheaper than signing a lease for a unit in Robina.
After more than a year of scrimping while paying $475 rent for a one-bedroom unit in nearby Varsity Lakes, Ms Pienaar and Mr MccannFowler saved $35,000.
The one-bedroom apartment cost $470,000 and the couple had to pay lender’s mortgage insurance, but was exempt from stamp duty.