It turns out you can have it all: a home of your own and your regular avocado toast.
The gimmick is a tongue-in-cheek response to the viral comments of 35-year-old Melbourne millionaire and property mogul Tim Gurner, who asserted on a recent episode of Australia's "60 Minutes" that spending too much on avocado toast is the reason millennials can't afford to buy homes.
He scolded the younger members of his generation for their unrealistic, YOLO "expectations" and for spending too much on indulgent lifestyles early on in their careers.
"When I was trying to buy my first home, I wasn't buying smashed avocado for $19 and four coffees at $4 each," he said. "We're at a point now where the expectations of younger people are very, very high. They want to eat out every day, they want travel to Europe every year."
Millennials should be putting every spare penny into savings, not blowing it on lattes and brunch, Gurner said, implying that young people could not both own property and splurge on Starbucks.
SoFi, like many others, believes Gurner is wrong.
"Pundits have unfairly besmirched avocado toast as the reason younger Americans aren't buying homes," says Joanne Bradford, Chief Marketing Officer at SoFi. "We know that's wrong — it's because the traditional mortgage product hasn't evolved."
Through the promotion, SoFi hopes to show millennials that home-ownership is possible.
"In addition to offering a mortgage with 10 percent down and no borrower-paid private mortgage insurance required, we wanted to help people have their avocado toast and eat it too," Bradford says.
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