Melbourne renter eyes Burwood East units as five per cent deposit scheme offers fresh hope

A Melbourne renter feels her dream is within reach, if she can act before the window closes. FIND OUT HOW

Rising rents and a new five per cent deposit scheme have reignited homeownership hopes for Melbourne renter Kathryn Whiteley. Picture: Jason Edwards

Kathryn Whiteley has been renting in Melbourne’s eastern suburbs for years, but says the thought of owning a home has never felt closer, or more urgent, than it does now.

The aspiring artist and retail worker said rising rents and cost-of-living pressures had made her long for stability, and the federal government’s updated 5 per cent deposit scheme might finally offer her a way in.

“I’m on a fixed lease and my landlords have been lovely, but it’s still not sustainable long term,” Ms Whiteley said.

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“At some point, something has to give.”

Paying $434 a week in rent in Nunawading, below the median for her area, she said she’d reached a point where she was craving more than just temporary shelter.

“It’s the emotional toll,” she said.

Kathryn Whiteley dreams of swapping rent stress for the freedom of her own front door. Picture: Jason Edwards

“You’re always thinking, ‘Will I have to move again? Can I afford the next increase?’ You can’t put roots down.”

Ms Whiteley said the expanded federal government scheme, which allows eligible buyers to enter the market with a 5 per cent deposit and no lenders mortgage insurance, had made the idea of ownership feel real for the first time.

“And honestly, it feels like now or never,” she said.

“As a single person with no second income to lean on, this might be the only window I get.”

Burwood East’s affordability, transport links and shopping hubs have made it Kathryn’s top suburb pick.

Route 75 tram access to the city and key shopping precincts adds to Burwood East’s buyer appeal.

Ms Whiteley has her sights set on a two-bedroom unit in Burwood East, drawn by its affordability, public transport access and proximity to shopping hubs.

“I’ve already looked into Burwood East,” she said.

“It’s close to everything — transport, Coles, even Chadstone and Knox. It just makes sense.”

Mortgage repayments for the most affordable units in the area could be significantly lower than her current rent.

“That would literally change my life,” she said.

With no second income to rely on, Kathryn sees this scheme as her one real shot. Picture: Jason Edwards

“It would give me breathing room, mentally and financially.”

A creative at heart, the aspiring artist said having her own space would be transformative, not just financially but personally.

“I’ve had to scale back a lot of the things I love,” Ms Whiteley said.

“If I had a place of my own, I could start creating again. It would be life-giving.”

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Originally published as Melbourne renter eyes Burwood East units as five per cent deposit scheme offers fresh hope