PHOTO: Lucy Banks. FILE
The extraordinary lengths a young mother went to in order to secure a spot on the property ladder highlight the severity of Australia’s housing crisis.
Aussie OnlyFans star buys investment property for her children
Lucy Banks, 33, was working in banking when she realized that homeownership was beyond her reach and might remain so indefinitely. Despite a solid job and an annual income of about $100,000, she struggled to support her children and save for a deposit simultaneously.
“I was just trying to survive with the cost of raising children on my own, plus private school fees; there wasn’t much left over. I would have loved to buy a house,” she told news.com.au. “I couldn’t make it stretch far enough to save for a house deposit.”
Ms. Banks faced the harsh reality that many millennials encounter: the dream of homeownership slipping away. She didn’t have the option to move back in with her parents, hadn’t inherited wealth, and was single, making it even harder to amass a deposit.
Only Fans creator is earning $200,000 a month and has a massive property plan | WATCH
“There is no way I could have bought property on a normal income, especially as a single mum. It just wasn’t possible, the numbers didn’t add up,” she said.
Finding herself locked out of the property market, she turned to OnlyFans. “Doing OnlyFans was the only option that worked for my situation. I put an offer in on my first house, thinking I only needed a $15,000 deposit. Then, the bank changed their mind and wanted $45,000. I needed to find an extra $30,000 in four weeks. And I did it.”
Her decision to join OnlyFans enabled her to generate the necessary funds quickly. “With my second property, I was going to use equity from my first property as the deposit. But then the bank said I needed cash. I pulled together around $75,000 in six weeks or so,” Ms. Banks said.
The young mum found herself locked out of the property market. Picture: Supplied
Real estate expert Tom Panos, speaking on Mark Bouris’ podcast, highlighted the drastic changes in the housing market, stating that it could take young people two decades to save for a deposit in Sydney without financial assistance from wealthy parents or a windfall from a successful business. Panos even acknowledged that OnlyFans has become a viable option for some young Australians to break into the property market.
She feels lucky she got into the market. Picture: Supplied
Despite the stigma associated with creating X-rated content online, Ms. Banks has no regrets. “It’s set us up. I don’t even have to do OnlyFans anymore. I did it for four years, set us up, and walked away into the sunset. I’m not sorry for anything,” she said.
She doesn’t regret her OnlyFans account. Picture: Supplied
In just 18 months, Ms. Banks purchased four homes in Western Australia, with prices ranging from $271,000 to one million dollars. “I still owe the bank a lot, but since buying my first house in December 2021 to now, we have over a million dollars worth of equity,” she said.
SOURCE: NEWS.COM.AU