Baby boomer's Kerrie Boylett's advice to Generation X and millennials over ... trends now
A retired boomer has sparked a firestorm online after suggesting young people give up eating out and updating their mobile phones as she recalled the sacrifices she made to buy a home during the sky-high interest rates of the 1990s.
Sydney retiree Kerrie Boylett, 68, said it was 'practically impossible' to be approved for a home loan in 1995 as a single mum.
She said one lender eventually agreed to loan her the money to buy her first home in the Sydney beachside suburb of Coogee - for $150,000 with a 15 per cent deposit.
With a variable interest rate of 19 per cent, Ms Boylett said she struggled to make end meets on a low income and once had her electricity cut off because she couldn't pay the bill.
She said she had no holidays for four years after buying her home, did her own kitchen renovations and ditched nights out.
'I would have dinner parties at my place for friends, instead of going out, by buying two kilos of meat and making a salad and spaghetti bolognese and a cake. And that's how I had friends and entertainment — at home,' Ms Boylett told the ABC.
But it was her advice for millennials that has reignited the debate over which generation of homeowners has had it tougher.
She suggested young people could also own their own home if they made sacrifices by giving up holidays, eating out and buying the latest device.
Kerrie Boylett made many sacrifices to make ends meet after she bought her first home in 1995
Kerrie Boylett reignited the debate of which generation of homeowners fared the worst
'They [millennials] want, you know, the latest mobile phone, the latest iPad, they want a nice car, they want to go on holidays, they still want to go out
