18-year-old snaps up home loan

Monday 13 July 2009

Article by Mozo

Although his teenage friends may have been getting a lot of attention locally spending their hard-earned cash on nights out and cars, all eyes are now firmly on the scrupulous 18-year-old saver Jason Fritsch.

The New South Wales resident has become the youngest person in the state to purchase his own home, after he secured a home loan with a down-payment of $20,000.

According to the Daily Telegraph, his new home, due to be built at The Ponds, a suburban development adjacent to Kellyville Ridge, will cost around $450,000 in total.

Mr Fritsch told the paper that saving was simple, providing you don’t blow your money on drinking and going out.

However, he added: "Mum and dad gave us a lot of guidance. They helped out with choosing loans and where to buy. I want to invest my money, build up a bit of equity and then buy another place."

With the first-home buyers grant due to come to an end in September, younger people who want to get on to the property ladder may be encouraged to save particularly hard in the next few months.

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