Miriam and Joe were renting their own home but had bought two one-bedroom apartments in the outer Melbourne suburbs as investments."We were calculating we were actually out of pocket $25,000 per year and we were not getting $25,000 back on tax. So, I think negatively gearing was not appropriate to what our income levels were," Miriam said.
The apartments had not increased in value, and one which was bought at the peak of the market was actually worth less. "So to me, it was more like 'what have I worked all this life for? I haven't even got anything to show for it'," Miriam said. "When I looked at the contract for her car loan I wondered why she got it in the first place, because it was actually when she had the mortgages and credit cards," Ms Jacobs said.
Spoiler: she did it by paying $417/week, while managing to convince her banks not to charge interest on her investment loans and credit cards. Not exactly relatable to most people.
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