Young Auckland home buyer proves scrimping and saving can do the trick
Ryan Daum made a few sacrifices to put down a deposit on his first home but it was all worth it when the house became his five weeks ago.
In the hot Auckland property market the 23-year-old, who previously lived in Howick, put down a $50,000 deposit on a $510,000 three-bedroom Papakura home.
"I just wanted to get into my own place as soon as possible – not be paying someone else's mortgage," he says.
"I don't want to make out that it's not a hard thing to do."
Daum says he scrimped and saved as much as he could, without totally giving up socialising. He didn't drink, minimised his spending on food and essentially lowered his standard of living.
"I just cut out a whole lot of luxuries, as you may call them."
He sold the "old, classic car" he had been driving around, which secured him a $20,000 lump sum that acted as a tidy start to his deposit.
Daum's mortgage broker, Mike Whittaker from Mike Whittaker Mortgages, says he was the classic example of a "doer" not a "whinger".
"He didn't get too caught up in the area that he was buying in," Whittaker says.
Daum originally wanted to stay in Howick where he grew up. But prices there meant it wasn't viable for him.
"House out there are going for around $800,000.
"But I found this place in Papakura ... I work out at Ardmore airfield now so yeah, it's all good."
Daum says the pay in his current line of work was a factor in him being able to afford the deposit. He dropped out of school at just 16, when he began working for Sky TV as a media operator.
When he was 20 he got an apprenticeship with a aircraft maintenance company, then squeezed 15 exams into 18 months at Nelson Marlborough Institute of Technology to become a licensed aircraft maintenance engineer.