THRIFTY: Every pound then dollar was saved.
THRIFTY: Every pound then dollar was saved. Kyle Zenchyson

Homebuyers need to sort out priorities

YOUR 'You Said It On Facebook' page in the Queensland Times of Tuesday, May 16, made me feel quite sad that all of your respondents seemed to miss the point.

I grew up in the era when our elders often said "a penny saved is a penny earned", and I saved all of my pennies and and small silver coins which were banked when my little purse was full, unlike my brother who spent all his money on comics and lollies.

As an adult, I never drank coffee and did not know what an avocado was, but I did indulge myself once a week by purchasing a malted milk.

Every pound then dollar was saved.

During my two year engagement to my now wife Pam, I was on a small wage as a clerk and Pam was a trainee nurse earning even less.

In that two years, by being very frugal and saving diligently (neither of us ever smoked or consumed alcohol) we were rewarded by saving the deposit to enable the purchase of our first home just prior to being married.

In those days, the minimum deposit required in order to qualify for a home loan was 25% (yes, 25%) of the purchase price of the house.

A few years later, I was loans officer at the old Ipswich and West Moreton Building Society.

While in this capacity, I encountered many clients struggling to save enough for a deposit.

When we calculated just how much money was being spent each week on the consumption of alcohol and smoking cigarettes.

The amount of money, if saved, when added to what they may have already been able to put aside would have enabled them to save sufficient for a deposit in the next three to five years.