Ali’s Journey to a First Home on a Modest Salary
Ali’s Journey to a First Home on a Modest Salary Buying a home in Australia feels out of reach for many, especially those earning a modest income. But 33-year-old Ali, a retail manager from Adelaide, made it happen — without a six-figure salary or a massive inheritance. 🏡 The Challenge: $65K Salary, Rising Prices With an annual income of $65,000 and rising real estate prices, Ali knew he had to be smart, patient, and creative. His dream? A two-bedroom townhouse near public transport. The price? Around $450,000. 📈 Step 1: Saving with Precision Ali committed to saving at least $1,200/month using the First Home Super Saver Scheme (FHSSS) . Over 2 years, he accumulated $32,000 in usable savings thanks to tax-advantaged contributions. 🛠️ Step 2: Leveraging Government Help Ali qualified for the First Home Guarantee through Housing Australia, which allowed him to buy with just a 5% deposit and no LMI (Lenders Mortgage Insurance) . 💳 Step 3: Keeping His Credit Clean ...