How to buy a home on a single income in Australia

PHOTO: Nicole said she was proud to be able to achieve a level of security on her own. Picture: Supplied Source: Supplied

A Melbourne woman made a extreme decision in order to afford to buy a house on a single income but says it is possible.

Melbourne woman Nicole Haddow is single but she’s recently achieved the Aussie dream by snapping up a house all on her own.

But the 38-year-old admits it wasn’t without its “challenges” with a move to the regional Victorian town of Ballarat necessary to make it happen.

“I’m treating it as an adventure. I bought a house that needs work, there are holes in the walls and I’m in process of lifting tiles and painting,” she told news.com.au.

“But I’ve met lovely people, there are great coffee shops and a great community and I’ve got no doubt that it’s going to be a great lifestyle choice in time.”

The copywriter got a foot on the home ownership ladder by first becoming a rentvestor, when she purchased a two bedroom apartment in Melbourne’s CBD.

She had moved home with her parents for 12 months to do a “power save” and also used her writing skills on a number of side hustles to boost her income as well.

However, she admits she had less than 10 per cent of the deposit when buying the apartment and choose to take on lender’s mortgage insurance.

“I certainly hadn’t expected to be on my own so when I was saving for my first property. I was 30 and I realised that I couldn’t be waiting for someone to do it with me, so I needed to find a way to build my own security,” she explained.

“Honestly, there are times when it’s challenging and overwhelming but the same can apply when you are in a relationship. I’m really proud of what I’ve achieved and I really like knowing I’ve got an asset that I’ve secured on my own.”