I worked 80 hours a week for years to afford my first house at 23. Now I’m working harder than ever just to keep it and one question is constantly crossing my mind
A young Aussie has revealed she regularly questions whether it is worth owning a house claiming she is working harder than ever just to afford loan repayments.
Maddie Walton, 26, worked 80 hours a week and juggled two jobs for years before she was able to finally to buy her first property in Queensland at the age of 23.
She purchased her home in 2021 and only had to pay an affordable $550 a week in loan repayments – allowing her to drop down to one job.
Now she is forking out $1,000 due to a series of interest rate rises that were passed on by the Reserve Bank of Australia.
Ms Walton has been forced to take drastic measures to keep her property including renting out her spare rooms and making extra money from side hustles.
Maddie Walton (pictured) has revealed she is struggling to pay off her mortgage due to higher interest rates, after the young Aussie bought her home aged just 23
‘I would give up anything to be able to continue living in my house. I am getting by but sometimes there are points where you feel like is it worth it?’ she told Yahoo.
The 26-year-old, who has a university degree, used to juggle two jobs as a vaccine developer and as a tech support worker at an Apple store.
Ms Walton, who is now a mortgage broker at Loan Market Edge, worked 80 hour weeks between both jobs to turn her dream of home ownership into a reality.
‘I trusted the RBA when they said that the rates aren’t going to start increasing till 2024,’ Ms Walton said.
The RBA presided over 13 interest rates rises between May 2022 and November 2023.
The move led Ms Walton to seek out a mortgage broker to help her manage her finances and secure a loan to buy her property.
She said she had to go through seven mortgage brokers in a bid to get a loan.
Ms Walton said she was inspired to become a mortgage broker to help others navigate the property market so that they wouldn’t have to endure the same struggles she did.
The career move has come at a cost as she is now earning less income and is struggling to save money.
Ms Walton (pictured) who is now a mortgage broker said she is earning and saving less as she saves up money to pay off her home loan
‘I’ve just been trying to battle the mortgage,’ she said.
‘And the thing is, nothing extra is going to pay my mortgage down. It’s all just the interest, which is probably the most frustrating thing.’
She has rented out spare rooms in her home and works exclusively on a commission basis, in a bid to boost her earnings.
She has also found side hustles by earning a few hundred dollars taking part in surveys and market research, to help pay for essentials such groceries.
Despite the financial constraints, Ms Walton said she wouldn’t have it any other way if it meant keeping a roof over her head.
Financial comparison website Finder found that more than a million households across Australia, struggled to pay their home loan in January.
The figure represents an increase of 11 per cent in the number of homeowners, who struggled to pay their mortgage in January 2022.
