‘We don’t want to be this stressed and tired’: WA family’s home repayment burden all too common

For Jeff and Satori, raising two young children while trying to keep up with their growing mortgage repayments is becoming an increasingly difficult task.

The couple bought their Wembley home in 2021 for $1.4 million, but say their repayments have nearly doubled in the five years since.

They are both university educated — Jeff has a PhD — with stable public sector jobs, but despite their dual income, they’re still feeling the pressure.

“We don’t want to be this stressed and tired — life should be worth living,” Satori said.

What’s keeping them afloat is their extended family, who helped them avoid having to move further afield to the regions to reduce the size of their mortgage.

The family of four have considered moving south to ease the pressure, but are reluctant to leave the connections they have built at their children’s school and around the broader community.

“We have been thinking, what’s the healthiest way to live? Is it to move into the regions?” Satori said.

“We even went down near Albany a couple times and began to think about selling.

“But it’s hard when you begin to build a community where you live.”

The couple said they are still “really struggling” and have at one point “gone underwater” trying to make their mortgage repayments.

Jeff said the financial pressure has come at the expense of family and community life, saying it was about more than simply balancing a household budget, arguing it was contributing to an “erosion of society”.

“You don’t have quality time with the kids, you don’t get to go out and contribute to your local community,” he said.

“You’re just so focused on trying to make money.”

The couple’s situation has also prompted them to question whether higher education and stable employment still provide the financial security they once promised.

The situation is particularly frustrating to Jeff, given his education and career in environmental science.

“Environmental science is a passion, but realistically not the best for the finances,” he said.

Despite the uncertainty, the couple say they are trying to minimise their financial pressures with strict budgets and watching their finances very closely. They say for now, they will “just see how it plays out”.

The couple agree there are no “band-aid” solutions to the issues many Australians are currently facing, but would like to see some clear strategies moving forward.