Bleak reason 30-year-old can’t buy despite insane house deposit

A young Aussie has revealed the incredible amount she has managed to save for a house deposit, but there is a brutal reason she still can’t buy a home.

Vanessa Jackson has saved over $100,000 to buy an apartment, but even that might not be enough to get her on the property ladder.

She works in administration and brings home $80,000 before tax, not including superannuation.

The 30-year-old has done everything right to put herself in a position to buy.

Ms Jackson works full-time, moved home to save for a deposit, and has been diligently saving for four years.

She even occasionally works on the weekend but, sometimes, all the effort feels like it has been in vain.

She reached her savings goal of $100,000 in February this year, but then she received the news that banks would only lend her $380,000.

Vanessa Jackson saved up more than $100,000 in an effort to buy her first home. Picture: TikTok/plebtoprincess

She went viral and amassed over 350,000 views. Picture: TikTok/plebtoprincess

Online she’s gone viral for sharing the buying reality that she dubbed “depresso”.

“What’s the point?” she asked.

“I have a juicy deposit of over $100,000, earn $80,000, have no debt, have money in shares and I still can’t afford to buy a house or an investment property.”

Ms Jackson lives in northern New South Wales, but even though she doesn’t have to pay Sydney prices, she’s still locked out of the market.

“Houses in the worst street in the worst suburb are $500,000 or more,” she said.

Ms Jackson said that house prices are geared towards people with two incomes, making it rough for a single person.

“I am determined to do it alone after a bad experience,” she told news.com.au.

“It will be an uphill battle buying alone and managing a mortgage solo, but is something I am determined to do.”

She reached her goal of $100,000 in February this year. Picture: TikTok/plebtoprincess

Ms Jackson said she’s “incredibly lucky” to be in a position where she can live with her parents to save.

“I pay them rent and I am aware this can’t be something long-term,” she said.

She tries to remain optimistic about purchasing a place for herself, but that isn’t always easy and it is hard not to lose hope.

“Sometimes I do feel defeated when I see I can’t borrow enough to buy a small one-bedroom place close to my family, friends or work, but there are bigger problems in the world,” she said.

Ms Jackson said she’s ‘incredibly lucky’ to be in a position where she can live with her parents to save. Picture: TikTok/plebtoprincess

Lots of other young people revealed they are dealing with a similar problem. Picture: TikTok/plebtoprincess

She hopes to finally be able to buy within the next 12 months, but it depends on her circumstances changing.

“I am aware I need to significantly increase my income to comfortably manage a mortgage, so I am looking at what I can do to increase my income streams,” she said.

“I will continue to save, invest in shares and push towards purchasing my own property.”

Ms Jackson’s situation resonated with other young people who were stuck in similar situations.

“I earn over $160,00 and still can’t afford a house, you’re not alone,” one wrote.

“Literally dude. I give up,” another said.

“Yeah, that dual income is necessary now, unfortunately,” someone claimed.

“OMG literally same! What is the point! Everything is just getting further and further out of reach and eventually there will be zero motivation for me to bother working,” someone else said.

“I’m honestly glad I didn’t get attached to the idea of owning a home because it’s become far out of reach recently,” one admitted.

Another person said they were “literally” in the same situation, having saved a $100,000 deposit and earning $85,000 before tax.

“I’m 22, and the bank would only loan me $150,000 because, ‘What if your parents kick you out of the home?’”