My brother, the rich one, just sent me an email detailing precisely how I may be able to afford a place to live in this unaffordable town of mine. Specifically, the north shore of Sydney.
Apparently if I threw my life savings into a mortgage and my parents threw what they got from the sale of their investment house into my mortgage and I bought a 3 bedroom apartment for $600-700K and rented two rooms out and I claimed 2/3 of expenses from tax, then I could probably manage a ten year mortgage. Probably dependent on me eating beans on toast during that time.
It's times like these when I take the Anton* school of thought - "if it's going to take 20 years before I'm out of debt compared with renting, then I think I'll rent".
* Anton is my sister's boyfriend. He is encouragingly pragmatic.
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