Since taking home her first pay slip when she was 15 years old, Simone had been saving for her own home.
“I’ve been pretty good with my money in terms of saving more so than spending,” the 25-year-old told Mamamia.
“Then when I got my first full time job two years ago I tried to knuckle down and save really hard because I wanted to be able to buy a home as soon as I could.”
On the other hand, these Mamamia staffers are in serious debt.
While her friends moved out, Simone stayed with her parents, saving the money she’d otherwise be spending on rent.
“They were living out of home and having a fun time. I kind of had it still in the back of my head that I wanted to buy. I wanted to pay off my own mortgage rather than someone else’s.”
That attitude paid off when in December last year, she purchased a one-bedroom apartment in the south-east Melbourne suburb of Ormond.
Simone may be the first of her friends to buy a house, but she’s not unique. More and more women are making the call to step onto the property ladder, a recent survey by Westpac shows.
In fact, the survey of more than 1000 Aussie homeowners showed women were more likely to be making property purchases than men. Just over 70 per cent of women surveyed had plans to buy, sell or renovate in the next five years compared to 61 per cent of men. It backs up Westpac’s own lending data showing a 16.5 per cent increase in the number of women buying homes over the past five years.
Meanwhile, ABS data shows 60 per cent of women live in their own homes compared to 56 per cent of men. Of course, that’s not to say all these people own their homes alone, but it’s still pretty impressive considering it was just 30 years ago that women stopped needing a man to co-sign their mortgages.
Westpac Group’s head of women’s market Felicity Duffy told Mamamia women have been coming increasingly financially savvy and are thinking more long-term.
“We know that women face unique challenges to men in looking at their long-term and short-term financial security. Income inequality continues and so women are looking to another source of income, which an investment property can fulfil.
“There’s also the impact of parenthood many women – and more men are starting to – consider. I will potentially need to spend part of my working life working part-time – and that’s going to be a hindrance to my ability to earn an income.”
It’s a whole lot easier to save if you get a pay rise. Janine Allis explains the right way to ask for one.