Lucia Milne

‘Not affluent’: How 20yo bought first home

PHOTO: Lucia Milne has just landed her first home in Melbourne, despite skyrocketing house prices

At just 20 years old, Lucia Milne is the proud owner of her first home in Melbourne.

She snapped up a one-bedroom apartment in Footscray for $373,400, admitting it has been a stressful process but also very exciting.

But with the news that house prices have been reaching eye-watering heights, how did someone achieve the Aussie dream at such a young age?

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The Melbourne local, who is currently studying biomedicine, said she has been working three or four jobs at a time since she was 16, but was helped by the bank of mum and dad to buy her house.

Her parents – who contributed a five-figure amount – wanted to give her the opportunity to get a foot on the property ladder.

“My grandmother passed away and left a small sum of money – it wasn’t a lot but enough to pay for deposit,” she told news.com.au.

“Mum and dad said they would rather set me up with a future and give me mortgage history and why pay rent when I can pay off a mortgage, which was incredibly generous and incredibly kind of them. We are not an affluent family at all, mum and dad work hard and always have.”

The bank of mum and dad is now the ninth largest mortgage ‘lender’ – lending or giving $29 billion in the past 12 months, according to Finder.

READ MORE VIA NEWS.COM.AU

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