Young Aussie reveals why First Home Buyer’s Grant left her feeling ‘locked out’ of the property market

A young Aussie did everything right when she saved $80,000 to buy her first home — only to find the goalposts had moved.

The Government’s First Home Buyer’s Grant, which aims to help Australians get into the property market, just left Jazmin Malcolm feeling more “locked out” than ever.

Australians over the age of 18 and purchasing their first property can qualify for the $10,000 grant, but the grant is only available to purchasers of new or substantially renovated homes.

Ms Malcolm, 31, bought her first place in Brisbane in March last year, a two-bedroom, two-bathroom apartment, but the grant was no help to her.

“Totally solo. No help from my parents, and I saved up for so long,” she told news.com.au.

The project manager said it took her five years of saving and bringing her own coffee to work to earn an $80,000 deposit.

“It is not the $4 espresso that is stopping me from being able to afford a house,” she said, but it got to the point where every bit she could save counted.

“Just as I had enough for a deposit, the goalpost would change and I’d need more,” she said.

Jazmin bought a place by herself with no help. Picture: Instagram/Jazmin Malcolm

She saved up for a half a decade. Picture: Instagram/Jazmin Malcolm

In those five years, she was stashing away as much as she could. She explored every avenue she could that might help her get into the property market, and the First Home Buyer’s Grant, while alluring on paper, was completely impractical.

The fact she would have to buy something new to qualify made it basically impossible for the 31-year-old.

“It just not feasible to use the grant. It would just mean I’d be away from all facilities that would be helpful. I’d be away from the workplace, away from my social life, and it just wasn’t what I was looking for,” she explained.

“I go to the run club, I do everything I can to enjoy a happy, social life, but if I bought a home in a first-home buyer’s grant capacity, I’d be living way too far away to enjoy things that bring happiness.”

The young Aussie saved up 80k. Picture: Instagram/Jazmin Malcolm

Finance group loans.com.au’s managing director Marie Mortimer said the main goal of the First Home Owners Grant should be to help aspiring first homeowners, which was best done by giving them maximum flexibility over where they bought.

“Buying a home isn’t just about putting a roof over your head it is about committing to a community where you want to live, in a suburb which may already be established,” Ms Mortimer said.

“Forcing first homebuyers to pass up established homes in communities where their friends and family live, in order to access a grant somewhere else, is a bad policy.”

Ms Malcolm said she’d have been happy to buy a new build, but anywhere in Brisbane offering new apartments was out of her price range, and if she went further out, she’d be removing herself from her social life.

“I was stuck between a rock and hard place. You can get help to buy a home but you’re not near anything to help you enjoy the rest of your life,” she said.

She wanted to stay near work. Picture: Instagram/Jazmin Malcolm

She bought an apartment. Picture: Instagram/Jazmin Malcolm

During her rigorous housing search, Ms Malcolm explored every possibility, and she found that any government assistance she did qualify for didn’t meet any of her needs.

“In the five years that I was looking to buy, I never had an option that was so helpful that I felt like I suited my needs or that of my generation,” she said.

The fact that no government initiate was able to help her get onto the property ladder meant she really had to consider what she could buy especially because she doesn’t think she should be “locked out” of social enjoyment.

In the end, she went with a small apartment in Morningside. She’s super happy to have her own place, but because of her budget restriction, it is humble.

“When I first bought, my mum told me it was a very expensive toilet because of how tiny it was,” she said.

“It was honestly all I could that was close to amenities, close to the bus stop and the city.”