PHOTO: FILE
A mortgage broker shares the immense personal sacrifices she’s made to attain and maintain her ultimate goal of property ownership in Australia. While it’s a coveted dream for many, the soaring prices present a significant challenge for entry.
Maddie Walton’s journey began at the age of 12, where she started working and diligently saving to secure her own home in her twenties. Her perseverance bore fruit in 2021 when, at 23, she purchased her first property.
However, fluctuating interest rates set by the Reserve Bank of Australia (RBA) have thrown hurdles in her path, forcing her to reassess her lifestyle to sustain her piece of the Australian dream. Despite her efforts, Walton finds herself barely scraping by financially, questioning the worth of her sacrifices.
Following her university graduation, the 26-year-old found herself juggling grueling 80-hour workweeks across two jobs: one in vaccine development and the other at an Apple store. Initially, her mortgage seemed manageable with an interest rate around 2%, costing her $550 per week in Brisbane.
Yet, the unexpected surge in interest rates left her reeling. Disillusioned by the RBA’s assurances, Walton saw her mortgage expenses almost double, now nearing $1,000 weekly. Despite her dual income facilitating the initial mortgage application, the process itself proved arduous, compounded by gender bias assumptions that she needed a partner to proceed.
The frustrating experience spurred Walton to pivot her career towards mortgage brokering, driven by a desire to aid others navigating similar challenges. However, this shift came at a significant cost, halving her annual income. Struggling to keep up with mortgage payments, Walton made further sacrifices, renting out spare rooms and downsizing her living space.
Transitioning to a commission-based income model, she now grapples with longer hours and heightened workload, hoping to alleviate her financial strain. Despite the setbacks, Walton remains resolute in her determination to maintain her foothold in the property market, driven by a passion to assist others in their homeownership pursuits.
SOURCE: YAHOO