The 30-year-old construction worker paid $645,000 for the house in Frankston,in Melbourne’s south-east,and says he is “relieved” but not happy the bank made a conservative increase in the official.
![James Dalglish and partner Kimberly Mattuchio with children Carter and Archi in front of their newly purchased home.](https://static.ffx.io/images/$width_300%2C$height_150/t_crop_auto/t_sharpen%2Cq_auto%2Cf_auto/f51522b7ac41a0193e0d60c25a0e0205b35abe41)
James Dalglish and partner Kimberly Mattuchio with children Carter and Archi in front of their newly purchased home.Luis Enrique Ascui
“It’s still disappointing,especially if you add the rise of living costs,” he said.
Dalglish and his young family have a variable mortgage of $520,000 with repayments of about $2000 a month. When their bank passes on the rate rise,this,which is manageable,but he says the prospect of further increases is “a pretty scary thought”.
Dalglish and his fiancée Kimberly Mattuchio went to three banks,including CBA and Macquarie,before settling on Beyond Bank for their home loan,with their interest rate currently sitting at 2.49 per cent.
“Instead of a wedding we bought a house,” he said.
As a construction worker,Dalglish makes between $100,000 and $150,000 annually but says the increase in cost of living “stings” for the young family’s budget. Mattuchio recently had a child and is not working while she studies to become a nurse.
Dalglish currently works full time,six days a week and commutes over 50 kilometres for work. If interest rates continue to rise,he says selling isn’t an option. He will do what he can to make the repayments.
“If I had to get another job driving trucks on a Sunday I would,” he said.
He plans to vote Labor in the upcoming election,crediting the,announced on Sunday.
“Labor has better policy in line for working class people like us,” he said.
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