I thought I had seen it all when it came to the Sydney property market, but then last weekend I lived a new personal hell.
Before I get to that, I want to preface by saying that I know some fundamental truths.
First, I am extremely lucky to even be in a position to be disappointed that I have thus far been unable to purchase a property in one of the world’s most competitive markets. My privilege is not unchecked.
Second, obviously there is a lot of bad s**t going on in the world that far outweighs my property problems, and I would never suggest that I have it worse than anyone else.
Third, and I really hope this one is true, I am not alone. No doubt you will be reading this and either know from your own experience, or someone else’s, that the housing situation in Australia is out of control.
And that’s exactly how the whole thing feels… out of your control.
Watch: Real estate agents translated. Post continues below.
My husband and I saved for 10 years to get enough money together for a deposit, thinking that the hard part was over.
Not a 20 per cent deposit of course, because that is a pipe dream that I have not known anyone to actually achieve. But enough of a deposit to supposedly mean that we could purchase a property with about 10 per cent, and then pay LMI on top to secure a deal.
If you’re not familiar with the acronym ‘LMI’, it stands for ‘Lender’s Mortgage Insurance’, or in other words, yet another fee ranging anywhere (in my case) from $10,000 to $30,000 that the people who can’t afford 20 per cent deposit have to pay on top of all the other costs.