Rent Vs. Buy Calculator
Simply enter in the details of the property that you’d like to buy and your personal situation.
Our calculator will compare the cost of continuing to rent vs the cost of buying a home.
Which is better for you?
Am I ready to buy now?
You may be surprised by the range of ways there are to buy a home right now!
- With a little creativity, it’s still possible to buy a home with no deposit
- Guarantor loans can allow you to avoid the cost of lenders mortgage insurance (LMI) entirely.
- Buying a home with a 95% loan is easier thanks to recent policy changes.
- Some lenders don’t require you to have genuine savings.
Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to find out if you can afford to buy a home now.
When is it better to buy a home?
If the property market is rising in value then it is normally better to buy now, irrespective of whether you have to pay LMI or not.
The reason being is that the cost of LMI is usually far less than the rate at which house prices increase. So you end up being behind if you wait.
You should always consider your personal situation and discuss your future plans with your partner before buying a home.
When is it better to continue renting?
If house prices are stagnant or are falling then there’s no hurry to buy!
In particular, if prices aren’t rising and you are boarding with your parents then you can continue to save a larger deposit and reduce the cost of LMI.
You normally need to reduce your home loan to below 80% of the property value but some of our lenders have no LMI home loans for some types of borrowers.
Do you qualify for a mortgage?
Our mortgage brokers are experts in helping first home buyers to get into the property market. We can work out which banks can consider your situation and present your application in a way that it ensures it gets approved.
We can compare the cost of renting to the cost of owning a home for you or you can use this rent vs buy calculator instead.
Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to see what options are available.