It seems to me that a lot of younger first home buyers these days, are not prepared to do what my generation did. We bought a house we could afford. It needed work done. We did it ourselves (most of it anyway). We didn't expect to have a designer kitchen, two bathrooms, a carpeted garage, a spa pool or a BBQ area. We started at the bottom, paid our mortgage off as quickly as we could, and it was "home." We stayed in our first house until my ex's work situation changed and we had to re-locate. At that point we bought a "better" house, which was younger and needed little done to it. We raised two more kids in that house.

Yes, I understand and appreciate that this was many years ago, when interest rates were low, but so were wages compared to now. I also get that house prices are vastly different (ridiculous!) now - but that aside, home buyers need to take responsibility for their decision making. Do your maths and work out what your proposed mortgage will cost you if the worst case scenario arises, interest wise. If it is obvious that you would be screwed if it happened, don't bloody buy that house!

It's not rocket science.