Find out what loan your weekly rent could afford you.
Move the slider to what you pay in rent then convert to see how your money could be better spent!
Over 2 years, you will pay your landlord
Seems like a lot doesn’t it?
Why not put that cash towards a new home instead!
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Get in contact with our friendly finance team to start your home ownership journey today.
Is it better to rent or build a house?
Buying vs. renting – it’s a big question. While renting has its perks, owning your own home might make more financial sense. Not to mention, the sense of independence and achievement you’ll feel when you’re finally holding those keys.
Building your own home is a commitment, that’s for sure. We weigh up the pros and cons of renting and buying below ⚖️
What are the benefits of buying?
You can finally do what you please! Enjoy your own space and decorate your home the way you want without worrying what the landlord has to say.
Sick of being at the mercy of your landlord? Owning your own home means stability – no more moving out at lease end.
Instead of putting money into your landlord’s back pocket, you’re investing in an asset that could make you a healthy profit if you choose to sell later.
Equity is the difference between the current market value of your home and your remaining loan balance. As you pay off your loan, you’ll be building equity, which can be used to invest in other assets such as a new home, car, or other personal goals.
What are the downsides of buying?
Buying a home requires you to pay high upfront costs, as well as ongoing maintenance expenses and loan interest on top of regular mortgage payments.
Instead of being able to move easily from place to place as a renter, your home is a long-term commitment.
What are the downsides of renting?
As the property market and economy are constantly changing, so too will the cost of rent. Landlords will continue to bump up the price.
Renting generally doesn’t offer much security. Whether it’s dealing with unreliable housemates or the landlord choosing to sell the property or move back in, renting can leave you in the lurch with little notice.
Do we need to say more?! Inspections are a constant stress and hassle. You also don’t have the freedom to do what you want to the house.
A mortgage is like forced savings. You have to pay your mortgage periodically which goes toward creating an asset over time. With renting, it can be tempting to spend spare cash rather than save or invest it.
What are the benefits of renting?
More freedom and flexibility
Whether you need to relocate somewhere new for a job, upsize into a larger property, or switch an inner-city apartment for a quieter home in the suburbs, renting offers you more flexibility to live the lifestyle you choose.
Less stress financially
Many young Australians might not have the money available to put on a home loan deposit, let alone the costs of maintenance and regular mortgage repayments, so renting can be more manageable.
Get the lowdown on buying your first home
First Home Buyers
Everything you need to know before buying a home.
How much can I borrow
Calculate how much you can borrow (and comfortably pay back).
WA First Home Owners Grant
See if you’re eligible for $10,000 from the WA Government.