Common questions
Is it financially better to rent or buy a house in Australia?
The decision to rent or buy depends on many factors, including property prices, interest rates, rental costs, investment returns, how long you plan to stay in one place, and personal financial goals. This calculator helps compare the potential long-term financial outcomes of both options based on your inputs.
What are the main financial costs of buying a home?
Main costs include the deposit, stamp duty, legal fees, loan application fees (upfront costs), ongoing mortgage repayments (principal and interest), council rates, home insurance, strata levies (if applicable), and maintenance and repair costs.
What are the potential financial benefits of renting?
Renting offers flexibility and typically lower upfront costs. Money saved on a deposit and buying costs can be invested elsewhere. If renting is cheaper monthly than owning, these savings can also be invested, potentially growing your net worth over time.
How does this calculator help compare renting vs buying?
This Rent vs Buy Calculator estimates and compares the potential net financial position of both scenarios over a specified period. It considers costs like mortgage payments, property expenses, and rent, as well as potential gains from property appreciation and investment returns on savings, to provide a clearer financial picture.