From Multiple Jobs to Homeowner: The Inspiring Journey of a 22-Year-Old
In today’s economic climate, it is not uncommon for young adults to feel overwhelmed with the idea of homeownership. For some, the idea of purchasing a home without any financial assistance from their parents is quite difficult to grasp. Purchasing a home in Australia can be a complex and challenging process and can be one of the most significant and daunting purchases an individual will ever make.
However, despite the significant challenges proposed on young Australians, we know that with determination and perseverance, young individuals every day are making their dreams of homeownership become a reality. Meet 22-year-old Georgie Burgess, who bought her first home at 21 years of age by herself and without the help of her parents, who put aside international adventures and buying new cars, to put her savings towards her goal of buying her first home.
We recently interviewed Georgie to gain insight into her first-home buyer journey and to show young adults that they too can achieve this milestone.
What was work and life like before you bought your first home?
“I moved out of home when I was 16 and had been renting on and off since then, before buying my first home.
I was juggling 4 jobs, whilst studying an undergraduate and postgraduate degree for 4 years at the University of Canberra, but I mainly worked in hospitality and nannying.”
What steps did you have to take before buying your first home?
“Firstly, one of the biggest steps I had to take was getting a job that the banks actually liked and considered reliable. I was fortunately able to attain a permanent part-time position, and that made the banks a lot more willing to lend to me.
Another big step was saving for a house deposit and working out how much I needed to save for this deposit, as well as other expenses involved in purchasing a home.
Then, it was a matter of choosing a mortgage broker and working out where exactly I wanted to buy. I sat down with my mortgage broker at Vision Property & Finance and worked out what I can afford to borrow and factored in what I could afford if interest rates keep rising. This was definitely an important element to factor in before purchasing.
Overall, you don’t really realise how much you must do before you even get to the point of making offers. It’s a thousand and one steps.”
What were your main challenges and how did Vision help you find a solution?
“The biggest challenge was getting the bank to take me seriously. I hadn’t been working in a permanent position for long, and that was a massive hurdle. I had 4 jobs and a really sold income, but because none were permanent at this stage, the banks didn’t see it as a guarantee that I would have the income to make my repayments.
However, I was fortunate enough that the team at Vision helped me fill in all the forms. Vision really took me under their wing and helped me get all the paper work in, as well as help me understand how everything was going to work. Obviously, as a first-home buyer, I had no idea what all the concepts and elements of buying a home meant, so the support from the team was really great and beneficial.”
What questions did you ask your mortgage broker that really helped you?
“Definitely querying and asking about interest rates and rises, and how much does my mortgage broker think my payments will increase and place an impact on me.
Having that forward thinking beyond just how much I needed now, really helped me. I did buy something on the lower end of the budget that my mortgage broker helped me to determine, as this meant I could still afford to pay my mortgage when costs increased again.
I was grateful that my mortgage broker also explained what each of the banks were offering. What you think might be a great deal from one bank, your mortgage broker might not.
Lastly, even if you think it’s a dumb question, you should still ask it. I can guarantee you that someone else has already asked it, and your mortgage broker will be happy to answer.”
How did you know that Vision was the right fit for you?
“Being someone as young as me, and not entering this process with a parent, I felt that the team at Vision had created a safe space where I knew I could ask as many questions that I had. I also knew that if I had any doubts or queries, that I could call the team, and the team would answer straight away, or call me back within 30 minutes. The team really took the time to listen to all my concerns and answer any questions. This made me feel comfortable and secure with moving forward with Vision.”
What would you say to someone who is approaching their early twenties and wants to purchase their first home?
“You’ve just got to do it and take the leap.
I definitely had moments where I was so stressed, and I was thinking, “is this the right financial decision to be making”, and “do I want to put all my money into a house or do I want to go to Europe”.
Buy something on the lower end of your budget; we are still so young, so it’s not going to be your “dream, forever home”. But just getting your foot in that property ladder, will make such a difference at the endgame.
Finally, make sure that you have a mortgage broker that you feel comfortable with asking all the dumb questions to, because that will make you feel so much more confident in your decisions.”
First-Home Buyer? Talk to Vision!
Georgie recommends Vision Property & Finance for a number of reasons:
- Vision has your best interests at heart. “Unlike going to a bank, Vision can provide you with a full spectrum of options available to you. There are no pressures to stay within 1 bank, and you get to know what choices are out there.”
- Vision will always answer your calls. “When I was overwhelmed with the process, I knew I could call Vision and that call would be answered straight away. In every interaction, I was treated so warmly, and the team were so helpful.”
- You can trust Vision. “I felt comfortable working with Vision, as I knew that my trust in them was always reciprocated.”
“As young people, you need to find a mortgage broker that won’t take advantage of you or condescend you, and that’s what I found at Vision.”
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Georgie Burgess is a content creator for Her Canberra. Georgie recently wrote an article about her experience and journey. If you would like to read this article, click on the button below: