'I was convinced it would be impossible for me to buy a home. Then I found this little-known hack.'

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As I grew up in Sydney in the 90's, I would often hear my parents reflect on how they were "lucky to buy in" before the "housing boom".

They'd marvel at how "lucky" they were to buy a three-bedroom house, complete with backyard and granny flat, in a village-esque suburb 20 minutes from the CBD, for just a couple-hundred grand.

Wide-eyed and young, I let their excitement seep in.

At the age of eight, I was not really paying that much attention to the realities of a mortgage and homeownership. I had much more important things to do, you see, such as working on my makeshift tree house and catching lizards and frogs in the aforementioned backyard.

But their lived dream and excitement stayed with me, and became part of my own imagining.

As I cycled through my neighbourhood's streets, I'd pick out which home would one day be mine. Maybe the weatherboard cottage with the Jacaranda tree and the swing, or the terrace with the overgrown fishpond out front, because it gave Secret Garden vibes.

Playing those games, I genuinely believed homeownership was just a matter of time and some hard work.

As I got older, that dream changed. Maybe an art deco apartment, with a glimpse of the harbour, if I was "lucky". Maybe a one-bedroom unit with a sun room could be just enough space for myself, a partner and a child.

The university years came and went, and that dream, well, it shifted.

House and unit prices kept skyrocketing (so that was what they meant by the housing boom), and the reality of saving for a home deposit set in.

I could choose to save for a now seemingly impossible goal, or, I could spend my hard-earned money on life experiences: travel, restaurants, nights out with my friends.

Spoiler: the travel option won out. Image: Raffaella Ciccarelli.

A lot, and when I say a lot I mean the vast majority, of my savings went on travel and lived experiences.

Before I knew it, I completely wrote myself out of ever owning a home in Sydney. That dream, I mistakenly thought, was forever out of reach.

And so, those savings dwindled.

I wasn't alone in this struggle. Australian Bureau of Statistics (ABS) data shows just over half of Millennials (25–39 year olds) are homeowners, compared to 62 per cent of Generation X and 66 per cent of Baby Boomers when they were the same age.

Listen: Do millennials really have it so much harder than other generations when it comes to buying a home? Post continues below.

I thought I'd never be able to live like my parents did.

Then COVID-19 hit, and everything changed.

I met my partner in January 2020 and as the pandemic unfolded in a panicked, yet lavender-tinted haze of burgeoning love, economists predicted the unthinkable; house prices could drop by 20 to 25 per cent.

In 2022, aided by lockdowns and a sluggish rental market that allowed us to lock in an 18-month lease for $565 a week, we were finally able to start squirriling away some money.

I met Corrie in 2020. Image: Raffaella Ciccarelli.

I forget when the conversation first came about, but it was my partner who suggested we should put our savings towards our own place.

He works in finance, and after diligently researching, he came across the Home Guarantee Scheme.

I'd heard whispers about government assistance for first-home buyers, but I assumed I wouldn't qualify or that it would be too complicated to navigate.

How wrong I was.

The scheme was a game-changer. Instead of needing the traditional 20 per cent deposit that seemed (scratch that) WAS impossible to save for, we could buy with just five per cent down — and crucially, without paying Lenders Mortgage Insurance.

For someone like me, who'd been watching house prices rise faster than I could save, this was the lifeline I desperately needed.

I remember the moment a mortgage broker explained how it worked. The government would guarantee up to 15 per cent of our home loan, meaning the bank would lend to us with just a five per cent deposit.

The application process wasn't without its caveats. We had to meet an income cap, there are property price limits (in Sydney it was $900,000, which would also see us meet the Stamp Duty concession) and we had to be genuine first-home buyers.

We ticked all the boxes.

For the first time in years, I felt like the system was working with us, not against us.

In 2023, after just under a year of searching, we made an offer on a two-bedroom apartment on Sydney's lower north shore.

Within a week, we heard the news that we had always wanted to hear, but thought would be forever out of reach — we were successful.

Taken moments after we realised that unit was the 'one'. Image: Supplied.

Melissa Browne, an entrepreneur and financial expert, said it's always worthwhile checking in with a mortgage broker "before you're ready" to buy.

"In my experience, mortgage brokers are aware of rebates and different things that are available that you don't know, so you may actually be able to get that home faster," she told Mamamia, explaining that people often fall into the trap of thinking they need a minimum 20 per cent deposit only to buy a home.

"People think homeownership is simply unaffordable, when the truth is that, yes, deposit sizes are high, but the repayment amount is generally on par with rents.

"If you can figure out the deposit and potentially have a reduced deposit size, then really, you're going to be paying the same thing that you would buy rent."

This is something we've definitely found to be true. Our biggest hurdle was just getting on the property ladder — but in terms of mortgage repayments, it's just as if our rent has doubled — which it was going to do when our lease came up, anyway.

When it comes to saving, Browne said "gamifying" it can help get to a goal faster.

"We've got our people in our community that are signing up to Mad Paws and walking dogs, or sitting dogs, and figuring out ways that they can find more cash so that they can get there faster," she said.

"For some of them, they've got apps to track that, they've got charts on walls and they crossing it off or colouring it in as they go — so it's that motivation to keep going.

"I would ask the question, 'What are you willing to suffer for?' We've got people in our community that are house sitting while they're saving for a deposit, so they're removing the cost of housing completely."

She added that it's also important to set a saving budget per month based on how much you realistically can put aside, and boundaries.

"When you're doing this, tell friends and family, 'Hey, for the next 12 months, this is our goal. We're not gonna be able to come out and do bougie dinners'. Or, 'I might not be able to go away for weekends for 12 months; we are not spending,' so the others can support you in that goal.

"A good friend will support that."

'The Australian dream — changed — but not entirely lost.'

While our little unit is certainly not the three-bedroom house with the big garden my parents were "lucky" to buy at the right time, it's a home that's entirely our own.

She was a fixer-upper, and we've worked hard to make the place feel like "us".

We very quickly removed the carpet in favour of laminate floorboarding, we replaced our in-built cupboards with an IKEA option we customised online to create a second study nook, and we tiled our kitchen.

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A post shared by Elli Ciccarelli (@ellicicc)

I'll be the first to confess that DIY was never something I envisioned. It's been a great adventure, and I've picked up a skill or two.

You'll be surprised how much you can learn to do by yourself from watching Youtube and online tutorials.

Looking back, I realise how close I came to giving up entirely.

The housing market made me feel like homeownership was reserved for the wealthy, or those who had been diligently saving since birth.

I know buying with a partner aided me, but if I haven't already mentioned, my savings were near zero before setting out. If I had better money habits, I could've easily achieved the same by myself.

The Home Guarantee Scheme gave me back my faith in the possibility of homeownership for ordinary Australians.

Without it, we'd still be renting, still trying to save, still watching the market move further beyond reach with each passing month.

It proved that people like me — working hard, but without generational wealth — could still achieve the Australian dream.

The dream our parents had.

The information provided does not take into account your personal objectives, financial situation or needs. Before acting on this information or making an investment decision, you should consider your personal circumstances, or consult a financial planner.

Image: Raffaella Ciccarelli.