Melbourne-based musician Euca

PHOTO: Melbourne-based musician Euca. ROLLING STONE AUSTRALIA

A frustrated young homebuyer recently aired her grievances over the vexing reason her borrowing capacity has been affected while seeking a loan from the bank.

Melbourne-based musician Euca vented her frustrations in a TikTok video, citing her HECS-HELP debt as the culprit behind her predicament.

Expressing her frustration, she exclaimed, “The one issue I have is my darn HECS debt… I was told it doesn’t matter how much HECS debt I have,” highlighting the system’s disregard for the debt’s magnitude.

“Now, I have to dip into my years’ worth of savings for a house deposit to clear my HECS debt and essentially start from scratch,” she lamented.


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Clarifying a few things about my video yesterday! #firsthomebuyer #hecsdebt #realestate #buyingahome #homeloans #financialliteracy #financialeducation #financialadvice

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Euca clarified that her intent in purchasing a home was solely for personal residency, not investment purposes.

She expressed her desire to acquire an affordable property in Coffs Harbour, emphasizing her frustration at having to allocate $33,000 towards her HECS debt just to qualify for a mortgage.

Even reducing her student debt to a mere $3,000 wouldn’t alter her borrowing capability, she noted, perplexed by the system’s rigidity.

Attributing her ordeal to her status as a sole trader, Euca criticized the hoops she must navigate due to her profession’s unique circumstances.

Melbourne-based musician Euca erupted in a TikTok video revealing how her HECS-HELP debt had negatively affected her

Melbourne-based musician Euca erupted in a TikTok video revealing how her HECS-HELP debt had negatively affected her

Despite her steady income from her music endeavors spanning over a decade, she bemoaned the system’s hindrance, aggravated by what she deemed arbitrary policies.

Euca clarified that her financial setbacks weren’t due to insufficient funds for a down payment or mortgage payments, but rather the burdensome HECS debt.

She explained how her sole trader status and business expenses affected her income, detailing the complexities of managing her finances.

Furthermore, she shared her frustration over reduced work hours and the resulting impact on her loan application, exacerbated by her HECS debt and employment status.

While some suggested exploring alternative banking options or seeking assistance from a broker, others advised prioritizing debt repayment over savings accumulation.

Her outburst coincided with government discussions on potential reforms to the HECS-HELP system, offering hope for future relief for borrowers like her.

Euca eagerly anticipates legislative changes that could alleviate her financial burdens and facilitate her homeownership aspirations.