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PHOTO: He was just 19 when he entered the property market.

A former KFC worker has shared how he managed to score a three-storey Melbourne home despite being only 20 years old.

Rashira Fernando bought his first property when he was 19 after three years working at the fast food chain starting on as little as $14 per hour.

“I got rejected from 10 banks,” the homeowner told news.com.au. “It was annoying. I was going to give up until I found the best broker.”

He finally found a bank willing to give him a loan to cover the cost of a $280,000 block of land in Pakenham, Melbourne.

In March last year, he put down a 10 per cent deposit of $28,000 and used lenders mortgage insurance (LMI) to cover the other 10 per cent down payment required to secure the 678sq m vacant lot.

There was no way Mr Fernando could have predicted that he’d bought a property at the best time in 30 years, with 2021’s skyrocketing real estate prices not seen since the mid-1980s housing boom.

The property value jumped by 25 per cent in as many weeks, and when the then-teenager sold in September, he was $70,000 richer.

This allowed him to then buy his next property where he now lives.

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Mr Fernando got a job at his local KFC when he was 15 and quit when he was 18 after he scored a better role elsewhere.

The uni student was studying a health certificate at RMIT and landed a job in the industry.

He worked as a contractor that worked with a lot of aged care facilities and could make more than $3000 weekly if he worked 55 hours.

The job wasn’t affected by any of Melbourne’s many lockdowns as it was deemed essential.

He bought this home two months ago.

He bought this home two months ago.

“I was working at KFC. I pretty much used savings from that and my new job [to buy the block of land],” he said.

The young man acknowledged that the fact he hadn’t moved out of home made hitting his savings goal a lot easier.

He didn’t have to pay any bills and only spent $100 a week. The rest would all go towards his savings accounts.

“I would say the only way I could save was because I was living with my parents,” he admitted.

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“When I got my new higher paying job, obviously it got even easier. A lot of the savings went in [to my bank account] quickly.”

Mr Fernando used a first homebuyer’s scheme which meant he didn’t have to pay stamp duty or tax on the purchase and walked away with a hefty profit.

“Then I went house hunting for two months,” he said.

READ MORE VIA NEWS.COM.AU

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