Peter Dutton's claim that he bought his first home as a teenager because he 'saved' was met by young Aussies who wonder if they ever own a house.
“I saved diligently in those years and it enabled me to put together a down payment for a house, and I bought my first house at the age of 19,” said the opposition leader.
The opposition leader, who could become the next prime minister within three months, added that it was 'one of my proud performance'.
Although his choice of words was confronted with the delicious applause of the Liberal Party Tawe during a campaign event in Melbourne, millions of young Australians were much less impressed by his 'out Touch' comments.
“I am going to talk to you through his song set and tell you why it is impossible to do what he was doing today,” said investment analyst Rachel Cole in a video about her Rach Tiktokkanaal.
She continued to complete the figures from 1990 compared to the economic reality that young people are confronted with today.
At the time, a unit with two bedrooms in Brisbane cost $ 93,000, which means that a deposit after stamping rights of $ 10,230 was needed.
When the then $ 7,000 first home owners' subsidy was added, Mr Dutton should have saved only $ 3,230, Mrs. Cole claimed.
Investment analyst Rachel Cole has recorded problems with Peter Dutton's Home Buying Advice
Mr. Dutton (photo) graduated from the Queensland Police Academy in 1990
As a first -year police officer, Mr Dutton would have earned around $ 17,000 a year after tax, which means that he had to save 19 percent of his income for the deposit.
Moreover, his mortgage of 90 percent would have only been 3.6 times his salary.
In 2025 the same unit costs $ 674,000, for which a down payment of $ 93,012 or $ 67,400 after government grants would require.
The same police officer of the first year would take $ 44,792 home today after tax, which means that they should save 150 percent of their annual income for a deposit.
“What that means is that today you have to save seven times as much as Peter Dutton had to save,” Mrs. Cole revealed.
“But that's just the down payment. That is the first of your worries, not the biggest. '
She then continued in her deep diving economy lessons and said that Mr. Dutton should have borrowed only $ 83,700, which she described as a 'very safe' loan.
'Today that person has to borrow $ 606,600. That means that this person borrows 8.8 times his salary to do the same deal, “said Mrs. Cole.
Peter Dutton's (photo) claims that he bought his first house as a teenager because he 'saved', was met by young Aussies who wonder if they will ever have a house
The analyst even said if 'the banks would let you do that, what they will not … The banks will only borrow you five times'.
'So even if you were the world's most diligent saver, even if you managed to save that 10 percent deposit in two years, you could still not buy the property because the debt / income ratio is too high. '
She said that ratio was the 'biggest problem' for young people who tried to get feet to the Ladder home in 2025.
“So when the governments are pounding that it is a deposit problem, it is really not, because even if you had the down payment, you could not get the loan because the wage is too low compared to the prices,” she said.
Mrs. Cole said that she regularly hears politicians talking about how they bought their first home and that it drives her 'insane'.
Then she referred to the cliché that is used by a few boomers who claim that young Aussies cannot afford to buy a house because they spend too much money on luxury such as eating avocado tosing in a cafe.
“It doesn't matter how much avocado toast you give up, because the bank will not borrow you 8.8 times your income,” she said.
Ownership is now enormously more expensive than when Mr. Dutton bought his first house in 1990. A house of the sale in the suburb of Brisbane of Stafford is depicted
Mr. Dutton told a liberal party audience about 'how great he was to buy as a 19-year-old without any recognition of a completely different economic landscape than what people have to deal with today' meant that he was 'in a different world', MS said Cole.
“I wish every politician who was born before 1980 could understand this.”
Aussies thanked the analyst for her simple explanation for the complex problem.
“Please send this directly to Dutton,” they wrote. “I'm tired of being out of contact. The only thing needed to understand is some simple math. ”
'I constantly have this argument with my parents. The banks will not physically borrow me the amount we have to buy, regardless of how economical we are, “said another.
'Can I get a copy of this spreadsheet or a full screenshot? I have to save this for arguments that I will have in the coming months, “a third said.
But some people supported Mr Dutton's approach for home ownership, with one writing “I also bought my first house at 19 in 2023. It is executable.”
Another said that their son just bought his first house at the age of 19. No help from Mama or Dad. It is still possible. '
Mr Dutton has sold a real estate portfolio worth around $ 12 million since 2020.
According to his disclosure to the Parliament, Mr Dutton currently owns only one real estate, a farm in Dayboro, north of Brisbane for which he paid $ 2,165 million in 2020.
