Finance expert urges Australians to stop believing costly myth about home ownership – and explains how you can enter the market on a $60,000 salary

Australians have long been told the dream of owning a home is slipping further out of reach.

With soaring property prices, rising rents and the cost of living continuing to bite, many have resigned themselves to renting indefinitely.

But finance expert Victoria Devine believes giving up on home ownership altogether could be one of the biggest financial mistakes Australians make.

The financial entrepreneur, founder of Zella Money and mortgage broker says while buying property today looks very different to previous generations, owning the roof over your head remains one of the strongest ways to build long-term wealth.

Her recent Instagram video sparked fierce debate after she challenged the increasingly common belief that renting and owning are financially the same.

‘We’ve been gaslighting ourselves into believing otherwise because admitting the truth makes people feel deeply uncomfortable,’ she said.

While she acknowledges Australia’s housing affordability crisis is very real, Victoria believes avoiding the conversation altogether doesn’t help aspiring buyers.

Instead, she wants Australians to understand that, for those who want to own a home, there are still realistic pathways into the market.

The long-term advantage of owning your own home 

‘Home ownership gives you such a financial advantage,’ Victoria told the Daily Mail.

‘Every mortgage repayment you make is helping you build wealth in an asset you own.

‘When you’re renting, you’re paying for housing while also trying to save a deposit at the same time, and that’s incredibly difficult in this economy.’

Unlike rent, mortgage repayments gradually build equity in a property that can later provide financial security, support retirement or even become an inheritance for future generations.

Victoria stressed that it isn’t about shaming renters or suggesting everyone should rush into buying tomorrow.

Rather, she believes Australians need to acknowledge that home ownership has historically been one of the country’s greatest wealth-building tools, while also recognising the barriers many people face in achieving it.

‘If buying property is something you want, it’s worth working towards because it can put you in a much stronger financial position over the long term,’ she said.

Forget your dream home and the post code

One of the biggest mistakes Victoria sees over and over again is young buyers assuming their first property needs to be their forever home, so instead, she’s encouraging people to rethink what getting a foot on the property ladder actually looks like today.

That might mean purchasing a townhouse instead of a freestanding house, choosing an apartment, considering rent-vesting, or buying 20 minutes further from their dream suburb.

‘I’d rather see someone buy a really good property further out than spend another five years renting while waiting for prices to come down in their ideal postcode,’ she said.

‘The perfect property rarely exists. Sometimes the smartest financial move is simply getting started.’

Victoria also believes many buyers become too fixated on prestige suburbs when some of the strongest long-term opportunities sit just outside them.

Rather than chasing the hottest postcode, she recommends researching areas earmarked for major infrastructure projects, including new hospitals, schools, transport links, community developments and what the local council is proposing.

As accessibility improves, surrounding property values often follow, so Victoria credits the ‘smartest buyers’ thinking strategically.

‘They’re buying where infrastructure is planned over the next five to 10 years, rather than simply buying what’s popular today.’

Not every first-home purchase is created equal either, with Victoria warning buyers to think twice before signing up for an off-the-plan new apartment in an oversupplied market. 

While they can appear to offer great value upfront, in her experience, some buyers become so focused on the initial savings that they overlook the property’s long-term growth potential. 

You don’t always need a 20 per cent deposit

Another misconception Victoria frequently encounters is that buyers need a full 20 per cent deposit before speaking to a lender.

While that remains the ideal benchmark, she said it’s no longer the reality for many Australians entering the market.

‘Most of our first-home buyers aren’t purchasing with 20 per cent deposits,’ she explained.

‘Many are buying with around 10 per cent, using government grants, schemes and LMI [lenders mortgage insurance] to get into the market sooner.’

She added that many prospective buyers underestimate what’s possible because they never have a conversation with a mortgage broker.

‘People come to us thinking they’re three years away from buying, and after running the numbers we sometimes realise they could actually purchase within six months,’ she said.

Importantly, Victoria says income alone doesn’t determine whether someone can buy property.

‘We regularly help people earning between $60,000 and $80,000 purchase homes,’ she said.

‘It’s not always about what you earn. It’s about what you save, how you structure your finances and understanding what assistance is available.’

The costly mistakes first-home buyers keep making

While she remains optimistic about home ownership, Victoria warns buyers not to let emotion override financial common sense.

One of the biggest mistakes she sees is borrowers taking out the maximum loan simply because the bank says they can.

‘Just because you can borrow $800,000 doesn’t mean you should,’ Victoria said.

Instead, she encourages her clients to consider the lifestyle they’ll realistically want over the next three decades, rather than sacrificing everything just to secure the biggest possible mortgage.

She also warned buyers to never skip building and pest inspection checks in an attempt to save a few hundred dollars.

Discovering termites, water damage or structural issues after settlement could end up costing tens of thousands of dollars.

When inspecting properties, she said buyers should also avoid purchasing purely because of fear of missing out, family pressure or attractive finishes.

‘I always tell people not to fall in love with the kitchen before they’ve checked the strata report,’ she laughed.

‘A beautiful marble benchtop won’t help if the building has major defects or flood risk.’

She also cautions against assuming every property will automatically double in value.

‘Property should always be viewed as a long-term strategy, not a guaranteed short-term win.’

Look on the outskirts for better opportunities

For first-home buyers considering new housing estates on the outskirts of cities can still represent excellent value.

While established suburbs with limited land supply may experience stronger growth over time, she believes affordable new estates remain a sensible stepping stone into the market.

Similarly, she says a good buyers’ agent can be worth the investment, provided they have genuine experience, local knowledge and transparent pricing.

She also believes a good buyers’ agent can be worth the investment, particularly for those navigating the market for the first time.

‘They can save you time, help you negotiate well and, in some cases, stop you making a very expensive mistake,’ she said.

However, she warned buyers not to hire the first person they come across.

‘The biggest thing I’d be looking at is experience. Have they actually bought property through different market cycles? Do they specialise in the area you’re buying in? Can they explain why they’re recommending a property, not just tell you it’s a good investment?’

Victoria also recommended paying close attention to how buyers’ agents are paid, with her personally preferring those who charge a flat fee rather than a percentage of the purchase price.

‘A flat fee means their incentive is to find you the right property, not necessarily the most expensive one you can stretch to.’

She also encourages prospective buyers to interview several agents before making a decision.

‘Like any professional, don’t just hire the first person you speak to. Ask lots of questions and make sure they’re genuinely acting in your best interests.’