Renting vs buying in Australia, which is a better choice?
Compare your options with our Rent or Buy Calculator
Weighing up the pros and cons of renting vs buying in Australia? Get an estimate of which may be best for you with our rent or buy calculator. It's simple, fast and easy to use. After that, try our home loan calculator.
Alternatively, see below for instructions on using this calculator.
Searching for a home loan too? At Rapid Finance, we could help you find a home finance solution that is suitable for your needs, situation, and budget. You can find out more on our home loans page.
Step 1: Input your financial position
The first step is to input details regarding your financial position. This will include the dollar value of your savings, your savings' interest rate and the length of your predicted investment term.
Step 2: Input your rental details
Next, you'll need to put into the rent or buy calculator the cost of your regular rental payments. As well as the expected rise in rental costs per annum as a percent. For example, 3 or 4% expected rise.
Step 3: Input your buying details
To get the most accurate estimate regarding the returns of renting vs buying in Australia, you'll need some information about a home you may purchase. If you don't have this, you can use your budget as a ballpark figure.
Buying details will include:
House purchase price- Upfront purchase costs
- Ongoing cost increase p.a.
- Home appreciation p.a.
If applicable, you'll also need your loan amount, term, interest rate and predicted monthly repayment.
Step 4: Get your estimate
When all the above information has been input, you will receive an estimate of the returns from renting vs buying in Australia. This will help you to assess whether renting or buying is a better option for you.
You can use our rent or buy calculator as many times as you like. So if you're considering multiple properties, you can punch in the details of each and compare the potential returns.
The fine print
Our rent or buy calculator is designed to give you an estimate of the potential returns from renting/saving vs investing in a home. The results are intended to be general in nature. They may not represent all applicable factors which could occur in the future. For financial advice specific to your situation, consult a financial planning professional.
Could we help you to finance a home?
Whether you're looking to finance your first home or third investment property, at Rapid Finance, we could help you to get a better deal on a home loan. We make finding suitable finance easy.
Contact us today and speak with a dedicated home finance specialist. They could be able to assist you with securing a home loan with a lower rate, fewer fees or more flexible features.
Learn more on our home loans page or call 1300 467 274