Aussie reveals $300,000 plan to buy a home without her parents help

A young Aussie has revealed her $300,000 plan to buy a property in Sydney without her parents help and stay “locked in” to the housing market.

Young Aussie reveals 2 job plan. Picture: TikTok

A young Aussie has revealed her $300,000 plan to be able to beat the worsening housing crisis.

Samantha, 23, works full-time in banking and part-time in casual administration on the weekend. She’s one of a growing number of young people who are working multiple jobs in order to save for a house deposit.

She did all the right things to set herself up for financial success. She went to university and studied a bachelor of commerce, graduated in 2022, and landed a banking job.

However, in 2024, even with a good job, it isn’t enough to save up for a property deposit in Sydney when the median apartment price is $817,059.

So, on Saturdays, which are usually a sacred time of rest for office workers, she works in a casual admin role starting at 8.30am. It’s not ideal, but she’s motivated.

Online, she jokes that she was born to “rot in bed” but was forced to work two jobs because she wants to be able to buy a property and won’t be getting financial help from parents.

“Everyone I know has either gotten help or will get help from their parents to buy their first property, and it makes me feel a little bit discouraged that I will have to do it on my own,” she said.

Samantha is a young Aussie who works two jobs. Picture: TikTok/saampaii

She wants to buy a property without her parents help. Picture: TikTok/saampaii

To prevent herself from being locked out of the property market, she’s stayed living at home and is goal orientated. She’s attempting to save 80 per cent of her income and has set herself a staggering savings goal.

“I’m aiming to save up $300,000 towards purchasing a property. Ideally, I’d like to be able to put 20 per cent down and have some leftover to put in an offset account to alleviate the pressures from increasing interest rates,” she told news.com.au.

She understands that $300,000 sounds like an “overwhelming” amount to save but believes in achievable goal setting.

“Initially, $300,000 seems like an overwhelming amount to save, but it becomes more tangible when broken down into smaller monthly goals. This way, I can sustainably reach my goals without having to overwork myself,” she said.

Samantha has paid off her HECS debt. Picture: TikTok/saampaii

She wants to save $300,000. Picture: TikTok/saampaii

It is a strategy that has worked for Samantha before. For instance, she paid off her HECS-help loan only one year after finishing university by using her savings from working while studying.

The young worker said that she tries to make juggling two jobs fun, for instance, she advocates for giving herself small rewards for her hard work, like buying herself a sweet treat. However, it still isn’t easy.

“The hardest thing about working so much is that I have limited free time. This means that I have had to be intentional about scheduling in time for my family and friends. I’ve also learnt that it is extremely important to set aside time to rest and for self-care to avoid burnout,” she said.

Samantha feels like she can’t wait to enter the property market because it gets more expensive every year.

While so many young Aussies have been sharing how they feel “locked out” of the property market, Samantha posts videos where she talks about being “locked in” as she recaps her working days.

“I feel that it has gotten more and more difficult to purchase property, especially on a single income. Borrowing power is also decreasing as rates go up,” she said.

“So, I am keen to enter the market as soon as possible and my 20s seem to be the best time to buckle up and save as I don’t have other financial commitments.”

She still lives at home with her parents. Picture: TikTok/saampaii

She wants to buy in Sydney. Picture: TikTok/saampaii

According to comparison website Finder, 56 per cent of Generation Z have admitted they’ll need to look for a second job in 2024. According to the Australian Bureau of Statistics, 970,700 people nationwide worked multiple jobs in December 2023.

Personal finance expert Sarah Megginson said that taking on a second job isn’t the only option for young people looking to save up for a deposit.

“Taking on a second job might help you pull together the money you need to get on the property ladder, but there are other options you can look at too,” she said.

Ms Megginson stressed the importance of budgeting, analysing and relying on family if you can.

“If it’s an option, moving back home with your parents or relatives is a powerful way to save. If that’s not an option, make sure you’re not spending a cent more than you need to on your everyday bills. Analysing your spending and cutting back on non-essentials is the best way to reduce expenses,” she recommended.