Easter at risk: Logan mum facing mortgage dilemma
A Logan mum-of-four may soon have to rent out a room in her dream home to pay the mortgage and has had to warn her daughters the Easter bunny may not bring as many eggs this year.
QLD News
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After a recent slew of rate rises, a Logan mum has said she is now considering renting out bedrooms in her dream home which she shares with two of her daughters, Mya, 10 and Ella, 7, in order to survive interest rate rises.
Tara Higginson, 36, took out $509,000 mortgage in 2020 with interest-only repayments for the first two years of the loan.
Ms Higginson said towards the end of last year she realised if something didn’t drastically change she would be left with only $200 a fortnight.
“I have had to tighten my budget, starting with bulk meals and cooked food such as rice or pasta,” she said.
“I discussed it with the girls. It’s just cutting back on things like not being able to do sports or gymnastics this year.
“They can’t just want something and have it, we have to save for it or plan for it.”
Ms Higginson said her 10-year-old daughter asked when the RBA meets to determine interest rates.
“To this day that date is always circled on the calendar,” she said.
“They understand the constraints of budgeting and times are going to get tough.
“I’ve explained that the Easter bunny might not bring as many Easter eggs this year and they may just have a little less.”
Describing her initial purchase as a whirlwind, Ms Higginson is grateful to now have an asset in her name.
“Being a single mum I never expected to build a house and I never expected to be approved to have my own house to start with,” she said.
“The whole time I was thinking to myself something is going to happen here, and it’s not going to go ahead.
“I was lucky enough in that some things are just meant to be for the right reasons.”
While Ms Higginson believes she is safe until June, she is worried about further rate rises.
“If I have to get another job on the weekends I’ll do it,” she said.
“I may have to rent out a room.
“That means that someone will be in my safe space. My kid’s safe space.
“The thought of that freaks me out … having a stranger in my home.”
Tara Higginson appears on SBS Insight Housing Stress episode, available to stream now on SBS On Demand.
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