Young Aussie mum opens up about mortgage hell

A single mum on a six figure salary who bought her first home now regrets the decision, which has turned her life into a financial nightmare.

Bonnie Hanson, 35, bought a three bedroom townhouse in Newcastle north of Sydney with a $550,000 bank loan under the Family Home Guarantee scheme in 2021. 

The federal initiative established by the former Coalition government allows up to 10,000 single parents to buy a home with a deposit of as little as two per cent. 

Ms Hanson paid five per cent and wasn't concerned about the small deposit paid as she had a well-paid office job. 

'I bought a house by myself as a single mum, and I was so proud of myself,' she explained in a recent TikTok. 

'I was like, "f*** yeah, f*** the man. I did it. I don't need anyone. I can do things, big, hard things, by myself".'  

Within six months, Ms Hanson's mortgage repayments had almost doubled from a reasonable $500 per week to $900...
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