In 2021, Queensland couple Perinna and Connor bought their worst house on the best street and planned to renovate it, but their mortgage payments have almost doubled since then.
(Image source: News)
According to News Corp Australia, Perinna, 29, and her partner, Connor, 30, live on a single income.
Connor works in the well-paid mining industry, while Perinna is a stay-at-home mom.
When they bought the property, they had enough savings to renovate it, but then interest rates kept skyrocketing.
"Our current mortgage payments are close to $1,000 a week, compared to $550 our initial payments," Mr Perinna said.
The young mum said that although Connor earns a good income and is "adequately compensated" for the time he has spent away from home as a FIFO worker, it is still difficult to support her family of three on a single wage.
(Image source: News)
"We're a single-income family with a mortgage and a young child, so we're trying to be as frugal as possible financially," Perinna said. Rising interest rates have hit all Australians hard. If you own a property, your mortgage payments will increase. If you're renting, your landlord may raise the rent to help pay their rising mortgage.
Perinna said she was always "disappointed" every time she heard that interest rates were not going to fall, but that her current income was still enough to make ends meet. In addition, despite the uncertain economic situation, the young couple continued to move forward with their plans to increase the value of the house by renovating their backyard.
(Image source: News)
It took more time than they expected, and as food prices soared and mortgages increased, so did the cost of their renovations.
The couple's eventual plan is to sell the house once it has been completely refurbished, hoping to capitalise on Queensland's rising house prices. Although it will still take some time, the young mother is full of optimism, "It would be silly to stop now. ”