How to Buy a Home: From Debt to a Deposit

by Emily Power

The premise of the book is Emily’s controversial, extreme method of saving for a house deposit – the so-called “pocket money savings plan”. The strategy was the subject of a column in 2016 on The Age and Sydney Morning Herald websites, which sparked a media storm. It ranks as one of the most read columns of the year for Domain and Fairfax more broadly. The column, ‘I am 33 and my parents give me pocket money’ started a national debate around Gen Y finances and the challenges of breaking into the property market. This debate has since gained more heat and fresh urgency. The book capitalises on this ongoing national conversation, from around office water coolers to Prime Minister Malcolm Turnbull’s office in Canberra, on how first home buyers can break into the market, and Australia’s cultural obsession with achieving home ownership. Knowing that the pocket money savings plan won’t work for all, Emily interviews experts to come up with other options and household budgets to suit different situations from singles to families. Emily has been participating in a neuroeconomics study through Stanford University looking at the pain some people feel when handing over cash for their purchases and the no-feeling at all when using cards for purchasing. Microburbs has crunched the date for her to find the best suburbs and regions in each state to look for that first property purchase. She has also sourced some ‘fiscal finest’ recipes from top chefs when you need to entertain but have no money and will share her experiences and tips for dating on a budget.

Genres: Nonfiction, Money, Finance, Personal Finance

320 pages, Paperback

Published September 20, 2018

Reviews

[Sharah McConville · Rating 4 out of 5]

Some great tips and information.

[Olwen · Rating 4 out of 5]

I always feel an author is so brave when writing about their personal finances, it's a topic with so much shame and stigma around it when things don't go well. But Emily Power waded boots and all into the topic, explaining how she turned her bad financial habits around. It's bracing reading.

[Caitlin]

DNF

There’s a lot of great tips and information in here! I just didn’t finish it as I have a few others that are more relevant to me right now.

[Sam · Rating 2 out of 5]

Some useful tips at the end of the book regarding how to be successful at auctions and the art of negotiating.

However, overall, I didn’t really find this book overly useful. I couldn’t relate to the authors life experiences or money mindset and thus found it hard for the advice to be applicable to my situation.

Someone who has struggled in the past with overspending or being a shopaholic might relate to this book better than I did.

[Kimberley · Rating 4 out of 5]

When I started reading the book and it was talking about savings, I completely mental blanked on the fact the book was called how to buy a home and it was giving some great savings advice, which is what I need because in time, I’d like to buy a house.
But it loses a star because it jumps from how to build your savings into straight away buying a house and all the things that come with that eg auctions, offers, agents, locations and all the nitty gritty.

The first half of the book was perfect for me, the young adult trying to save and spend and save enough for a deposit. But I kinda wanted more, like more details about how her savings was going and how on track she was for the deposit.

[Melissa Riley · Rating 3 out of 5]

Interesting look at buying property for young people. Power discusses the rising market prices and how someone in serious financial hardship still has a chance at owning a home (with serious sacrifices, of course!). I thought it was well done and definitely educated me on some things like offset accounts. Personally, I didn't think step 2 was relevant for me, as I don't have huge debts or credit cards, so if you are similar I recommend skipping that. She give quite a few good resources that can be useful for future prospective buyers.

[Natalie S · Rating 3 out of 5]

Home ownership has long been considered the great Australian dream. But when you’re a first home buyer that prospect can seem overwhelming and more akin to a nightmare. Domain Group magazines editor Emily Power has written a guide titled How to Buy a Home – From Debt to Deposit, which is designed to help and educate aspiring first home owners.

To read the rest of this review please visit: https://100percentrock.com/book-revie...

[Laura · Rating 5 out of 5]

definitely an interesting book, to learn more about saving for a deposit and the process to buying a house or apartment. one day very soon i'll seriously be looking for a house (sort of am already, but low key because everything is too expensive for me now) but once i've got a good size deposit and a more of an income, then this book's suggestions will seriously come in handy.

[Lili · Rating 3 out of 5]

Easy to read, entertaining, promising.

[Jen F · Rating 3 out of 5]

Read this for the first time in 2018 and read again this year as a refresher. Have been on a journey towards financial literacy and re-evaluating the way I approach money for years and I was pleased with the brutal honesty Emily has about her experiences. It was almost like having an older sister or cousin sit you down and help you use their experience to learn from before embarking on your own journey.