$40K Deposit, Two Government Schemes and a Home by 25

At 27, this week’s Money Diarist has two STEM degrees, earns $140,000 a year, has $90,000 in super and owns a townhouse two kilometres from the beach. And no, there wasn’t a giant cheque from Mum and Dad hiding somewhere in the background. After becoming financially independent young and spending her uni years juggling study and work, she and her partner made buying a home one of their first big goals after graduating. They used the First Home Super Saver Scheme and First Home Guarantee to buy a $650,000 townhouse with a $40,000 deposit in 2024. Two years later, it’s estimated to be worth around $810,000, their mortgage is down to $575,000 and their extra repayments have already shaved four years off the life of their loan. We talk about exactly how she used the First Home Super Saver Scheme, why they still have a housemate despite earning good money, her $30,000 HECS debt, salary sacrificing into super and the very cute joint account that basically tells her and her partner when they’re overdue for a date night. Because earning more is great. But building systems that mean the money actually goes somewhere? Even better. Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au) The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 4451289See omnystudio.com/listener for privacy information.