We’ve Helped Over 150+ First Home Buyers
We’ve Helped Over 150+ First Home Buyers
Compare the long-term cost of renting against buying to see which option makes more sense for your situation.
Compare the long-term cost of renting against buying to see which option makes more financial sense for your situation. This calculator helps you weigh up the numbers before making one of the biggest decisions of your life.
* Update version: January 2025
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.
The information contained in this website is of a general nature and does not take in to account your personal needs and requirements. The figures shown in the calculators do not constitute an offer for finance. Lender policy and conditions, fees and charges will apply.
The information provided by the calculator is intended to provide illustrative examples based on the stated assumptions of your input. Results are a guide only and do not constitute financial advice or a guarantee of an outcome. You should always discuss your individual circumstances with a representative of Houses For Heroes.
There’s no one-size-fits-all answer, as it depends on your income, deposit, lifestyle, and long-term goals.
A calculator can give you a basic financial comparison, but it doesn’t take into account your full situation. Speaking with Dan or one of our team can help you understand where you stand right now and whether buying is a realistic option based on your circumstances.
When buying, upfront costs include your deposit, stamp duty, legal fees, and inspection costs. Ongoing costs include loan repayments, rates, insurance, and maintenance. When renting, costs include bond, weekly rent, and renters insurance. The calculator accounts for these differences over time.
Generally, the longer you hold a property, the more the financial case for buying strengthens. Upfront purchase costs mean short-term ownership can sometimes cost more than renting. As a rough guide, most financial comparisons favour buying after around five or more years, though this varies by market.
Yes, it is possible. There are options available, including the First Home Guarantee Scheme, which allows eligible buyers to purchase with as little as a 5% deposit without paying lenders mortgage insurance.
If you’re not eligible as a first home buyer, there may still be other options available depending on your situation. Speaking with Dan or one of our team can help confirm what you’re eligible for and the best way to move forward.
Rentvesting is when you rent a property to live in while owning an investment property in a different location. It’s a strategy often used by buyers who want to enter the property market sooner, even if they can’t yet afford to buy in the area they want to live in.
This approach can allow you to build equity while maintaining flexibility in where you live. It can be a suitable option for some buyers, depending on their goals, borrowing capacity, and lifestyle. Speaking with Dan or one of our team can help you understand if rentvesting is the right fit for your situation.
If the numbers are starting to make sense, the next step is finding out what you can actually borrow. Book a free call with Dan and get a clear picture of where you stand today.
Free. No credit check. No pressure to proceed.
