M
addie Walton's mortgage repayments skyrocketed from $550 a week to over $1000 after she bought her three-bedroom home in Queensland in 2021. The 26-year-old now owes $600,000 on the property, which she purchased for $691,000 with a 10 percent deposit.

    Walton admits that hindsight is 20/20 and acknowledges that she bought too high. She had to take on two housemates to help cover her mortgage costs, but even then, she's only shouldering $400 per week herself. The rising interest rates have made it difficult for her to manage her finances, leading to times of extreme stress.

    Despite the challenges, Walton still believes that buying a home was worth it in the long run. She changed careers from medical research to become a mortgage broker after feeling frustrated with the lack of support and guidance she received during her own home-buying process. Now, she runs her own business, MoneyLounge, where she advises first-home buyers on how to manage their finances and avoid overextending themselves.

    Walton's approach is centered around helping clients understand the true costs of homeownership, including council rates, water rates, and other expenses that often get overlooked. She encourages them to "practice having a mortgage" by living on what they would be left with if they borrowed as much as they want for a few months before committing to a loan.

    According to financial expert Graham Cooke, 41 percent of homeowners struggled to pay their mortgages in July 2024, and housing costs have become the number-one source of financial stress in Australia. He advises people to consider moving in with family or friends to help carry the load and reduce accommodation costs.