Rent vs Buy Calculator
Use our handy calculator to work out whether it makes more financial sense to rent or buy a property to live in.
Renting vs Buying Calculator Considerations
When considering whether to rent or buy a property there are a few factors to consider:
- What are the total costs of owning a property
- What is the rent compared to the mortgage costs (the interest)
- Could you otherwise invest your funds elsewhere for a better return
- What does your lifestyle prefer – would you like a stable home where you can decorate and renovate as you like, or would you like the ability to easily move often
- Is the property market in an upward price trajectory or are prices declining
- Are you able to qualify for a mortgage at the amount you’d require? Do you have a sufficient deposit or would you need to pay for lenders mortgage insurance. (which is an additional cost)
Do you need assistance with working out whether its better to rent or buy a home? Speak with a broker today.
Disclaimer: The calculations do not take into account all fees and charges. The results provided by this calculator are an estimate only, and should not be relied on for the purpose of making a decision in relation to a loan. Interest rates and other costs can change over time, affecting the total cost of the loan. Borrowers should consider discussing their individual situation with a qualified Australian Credit Licensee or authorised Credit Representative.