Leanne Warr mulls over the obstacles to getting onto the property ladder. Photo NZME
Leanne Warr mulls over the obstacles to getting onto the property ladder. Photo NZME
Opinion
OPINION
Hawke's Bay Today editor Craig Cooper wrote this week about getting on the property ladder - and relying on the "bank of mum and dad".
Which is all great when you're young and part of a couple. But what if you're single and not so young?
I grew upin state housing. My life started in a two-storey unit in one of the worst areas of Palmerston North. Back then, we had reasonably good neighbours.
It was a mix of Māori and Pakeha. Was there tension between the two? I have no idea. Then again, I was only 5 when we left that area. However, stories indicate there were already gangs moving into the area. Yes, it was already notorious, even then.
We moved into a brand-new suburb. So new that when I told kids at school where I lived, I would get strange looks.
What do you do to get on the housing ladder if you can't apply to the Bank of Mum and Dad? Photo / Getty
It was a contemporary three-bedroom brick house. Chipboard floors, gas heating and cooking, aluminium joinery – which apparently was very new back then. I can remember my dad being extremely worried about those aluminium windows, particularly in the dining room which had huge windows.
He would stand with his hand on the glass on a windy day and feel the windows moving. Palmy's winds were just as notorious.
My parents didn't save money. When my dad was working, he wasn't earning much. Plus he spent all his spare money on horse racing.
When mum was working, the money was considerably better, but still, all the spare money went on the horses. Dad was always chasing that pot of gold.
We probably could have bought the place, had they been able to save for a deposit. Back in the 70s, the house prices were fairly cheap.
Then again, what do I know? I was a kid. House prices meant nothing to me in those days.
I didn't know how to save. By the time I was at the age where I could find work, I wasn't able to get work. Even when I did, something always happened to make me leave. I had a lot of issues, mental-health wise.
I've never had a partner. So now, here I am, at my age, single, with no prospects on the horizon, relationship-wise.
Even if I was able to raise a deposit for a house, what chances do I have to even get a mortgage? I've heard people say that at my age, they can only borrow for a certain amount of years. Basically up to retirement age. That's not enough time.
My mum and stepdad own their own home. They're not going to be around forever. But even if I do inherit something from them, chances are it won't be enough to buy even a modest house. It'll probably barely be enough for a deposit. Given the way house prices keep going up.
I've read stories about others who were way younger who somehow managed to get on the property ladder. I've rented all my adult life. How in the heck did they do it? I got on the KiwiSaver train too late.
For me, there isn't even an option of the bank of mum and dad. And I'm not alone.
