“But the interest rate was 17% in my day!” sues man who bought first house for $67,000

A 63-year-old man who bought his first four-bedroom downtown home in the 1980s for less than $70k says young people who complain about rate hikes don’t know how lucky they are.

“Then we had to save for weeks to have enough for a down payment!” John Bradly from Melbourne’s eastern suburb of Camberwell.

“And once we had our house, my generation had no one to help us pay off the mortgage. It was just us and our salaries, which were then only about a fifth of the value of the average home!

“It took me more than seven years to pay off my first house. Seven years! I was practically in my thirties by the time I was debt free. Could you imagine? Being tied to a couch all your twenties! I’m pretty sure no one in their twenties has to go through that these days.”

Bradly said young people just didn’t know what hard work looked like. “During a global pandemic, try to manage tenants in 11 investment properties across Melbourne and Sydney. That’s what hard work is!”

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