‘Deep credit debt’: 31yo reveals how she saved up for a deposit

A young Aussie has revealed the “frustrating” reality that doesn’t seem to be changing in Australia’

Maddy MacRae has been saving her whole life for a house deposit, but she still can’t afford to buy anything in the area she wants.

The 31-year-old influencer told news.com.au that it has only been since 2021 that buying a home even seemed impossible.

“I’ve been saving all my life,” she told news.com.au.

The influencer explained that in 2021, she had “pretty deep credit debt” when she worked part-time in retail.

Once her content creation career started to take off, she was finally able to get ahead.

“I’ve managed to pay off all my debts and work on some really exciting projects,” she said.

Ms MacRae said that she’s trying to get herself into a financial position that feels “future-proof” and comfortable.

“I’ve saved enough for a new car and a deposit on an apartment in Sydney. I’m prioritising the property purchase though, because it is a better investment right now,” she explained.

“I want to achieve financial freedom and security as soon as I can. Just in case this industry changes. It is so uncertain.”

Maddy MacRae had to pay off debt before she could get ahead. Picture: Instagram/Maddy MacRae

She has over 900,000 followers on Instagram. Picture: Instagram/Maddy MacRae

The 31-year-old has also remained committed to her goal.

She’s often travelling for work and was recently on a Contiki tour because she finds that it leads to fewer financial surprises.

“When I’m travelling alone there’s always something I haven’t accounted for, whether that’s a night out, accommodation I forgot to book or an unexpected transfer,” she said.

“The beauty of a tour is that so much is included and there are no sneaky surprises with accommodation and transport covered.”

Ms MacRae said she used to think she’d “never own a property in Sydney”, but that has started to change.

“I was looking in Melbourne because it seemed more affordable at the time with my social media income,” she said.

“I’m only just able to afford a small place here in Sydney but I know that’s not the case for many people my age.

“It’s frustrating to see prices soar so much faster than wages.”

When it comes to buying she said it is really tough to break into the market. Picture: Instagram/Maddy MacRae

She's been saving for a place her whole life. Picture: Instagram/Maddy MacRae

Financial comparison website Finder has found that to afford the median unit in Sydney, you’d need to have saved $156,000 for a 20 per cent deposit.

In order to comfortably service this mortgage, you’ll need a minimum household income of $154,170.

To afford the median house in Sydney, you’d need to save $285,000 for a 20 per cent deposit.

In order to comfortably service this mortgage, you’ll need a minimum household income of $281,657.

She's learned how to travel and save. Picture: Instagram/Maddy MacRae

Ms MacRae said she knows where she wants to buy, but it isn’t what she can afford.

“I’d love to buy in the inner west in Marrickville or Dulwich Hill but they are out of my price range right now,” she said.

“So I’m looking a little further away from the city in the Campsie and Canterbury area.”

Ms McRae said that for most people in their early thirties it feels like you’re “constantly saving” but never getting closer to owning a home.

“It’s like every time we get closer, the finish line moves. And as the rental prices keep rising, saving for a deposit seems out of the question,” she said.

“I’m currently paying as much rent as I feel comfortable paying for a one-bedroom unit, but I’m certain my rent will increase when my lease is up.”