This journey towards home ownership explores the inspiring story of Gamilaraay woman Nikea – a single mother who defied societal expectations and broke the cycle of living in social housing by purchasing her own home. Her accomplishment serves as an inspiration for both Indigenous and non-Indigenous women, highlighting the importance of financial stability, generational wealth, and changing narratives for future generations.
For Nikea, her home ownership journey began when she received the news her family would have to move out of the rental property that they had been living in for 12 years. With the pressure building and the uncertainty of where she would relocate her family, she decided to make her next move: from renter to homeowner.
Nikea’s action is a testament to her strength and determination as a single Indigenous mother fighting for the security of her family. She purchased the property that she had been renting for 12 years and described it as ‘an overwhelming achievement’.
Being the first homeowner in her family, she became a trailblazer, inspiring her children and other family members to follow in her footsteps. The greatest rewards of home ownership for Nikea, are the sense of financial stability and security it provided for her family. Her success didn’t happen overnight; it required careful planning and sacrifice. She prioritised savings, sought financial advice, and worked closely with her IBA relationship managers to get her ready.
Reflecting on her own journey, Nikea shares valuable advice for aspiring homeowners:
“I think it’s imperative to emphasise the importance of full-time employment, managing debts responsibly, and proving the ability to save. Demonstrating responsible spending habits and financial discipline are all key factors in preparing for home ownership and its important people understand this,” said Nikea.
She adds to the inspiration by saying, “I hope my journey to home ownership encourages others to seek guidance, ask questions and surround themselves with people who can provide support and knowledge throughout the process.”
From renting to home ownership, Nikea demonstrates her resilience and determination. Her achievement not only provides personal satisfaction but also serves as an inspiration to others to pursue the possibilities of home ownership.
By breaking the cycle of social housing and securing generational wealth, Nikea is rewriting the narrative for her children, empowering them to achieve their goals and creating a brighter future. Her story reminds us of the transformative power of home ownership.
Find out more about IBA’s free workshops on understanding credit or how to create a budget to support your next steps to home ownership.