Rent Vs. Buy Calculator

Loan details

How big is your deposit? ?
What is your purchase price? ?
Where are you buying?
How much rent are you paying? ?
How much can you save? ?

Contact a mortgage broker

Please email me a copy of the results:
Yes No
Talk to one of our mortgage brokers about your situation: Yes No  

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!

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.

  • Paisley

    Will it be profitable to buy an expensive property or rent a property in the long term?

  • Hi Paisley,

    I would strongly suggest you to try our calculator. This will take into consideration various factors such as the rent you are currently paying and the price of the property among others.

  • conan

    As a first home buyer, how much are we allowed to buy if we would like to apply for a company title unit?

  • Hi conan,
    First home buyers can generally borrow up to 85% of the property value with a company title mortgage. If you have a guarantor then you may be able to borrow up to 100% of the property value. For more information, please check out the company title mortgage page:

  • James

    This is a pretty neat calculator and so is the LMI one. Do you perhaps have just a list of the rates on amounts close to a million?

  • Hey James,

    Thanks for your comment. Yes, you can check out the different home loan LMI premium rates on different LVRs and loan amounts here:

  • Sandra C

    I lent my cousin $18,500 a few weeks back. I still have $10,000 in savings. Will that amount be considered genuine savings when I get paid back? I saved that myself along with the $10k and I can prove it.

  • In most cases, the amount that you’re claiming to be your own savings will be assessed as a gift or loan from your cousin. If you have bank statements and a statutory declaration to prove that you did save the funds then we may be able to get them to consider this as an exception. However, it’s likely we can just go with a lender that doesn’t require genuine savings and you’d get approved at a great rate.

  • T Smith

    What does a redraw feature on a home loan mean?

  • Hey Smith,
    Loan redraw gives you the power to withdrawal any additional repayments to which were made on top of the minimum loan repayment. Effectively, any additional payments you have made can be accessed when you need them. This is a great way to keep funds on standby or to save for a holiday or car in your loan account rather than in your savings account.

  • Scrambler

    I currently pay $450/week in rent. My friend suggested to get my own home loan so I could stop paying somebody else’s mortgage. somebody else’s. So, I just want to compare the costs of owning a house versus renting.

  • Hi Scrambler,
    You could try our costs to own a home calculator It will provide you various costs of purchasing a house and you can then compare between the two and make an informed decision. This goes into a bit more detail than the rent vs buy calculator on this page. Alternatively, you can 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.