LARRAINE and Rodney Formby’s unique saving plan of stashing away $5 notes to save a deposit for their house has paid off for the couple who have seen the value of their Glenroi house more than double in four years.
Mrs Formby said while she’s pleased the value of their former Housing NSW house has jumped from $75,000 to an estimated $200,000 in such a short period of time, the happiness that comes from owning their own home has proved priceless.
“It’s only a little house but when I look at the housework I don’t have to do I think you beauty,” she said.
Mrs Formby said she can’t understand why so many young couples buy large houses, and saddle themselves with big mortgages.
“They get houses that they really can’t afford,” she said.
By saving every $5 that lands in their hands, the Formbys have been able to get ahead on their mortgage payments and pay for several upgrades to their property including the installation of a three-car garage, double glazing on the windows and landscaping.
“This way we’re getting what we want, no drama, no ulcer, no headache,” Mrs Formby said.
Mrs Formby said Glenroi is changing all the time with many of the houses which were once public housing properties now privately owned.
“People are buying houses and see them as something to be proud of,” she said.
“In our area, Nioka Place, there’s only one house that’s a rental.”
Mrs Formby said she’s so enamoured with Glenroi that she’s even encouraging her daughter to buy a property in the area.
“Later in life when you’re not working and you slow down you’ve got something that’s yours,” she said.
Despite Glenroi’s once bad reputation, the Formbys haven’t become the victim of violence or theft and say their neighbours are “very pleasant”.
“If I won the Lotto tomorrow I still don’t’ think I’d want a huge house ... I feel quite safe here and I don’t see any reason to want to go anywhere.”