Article updated: 21 January 2021
For many Australians, renting may appear to be the most affordable choice, however low interest rates are making mortgage repayments now more affordable than ever. Interestingly, one in three (32.9%) Australian suburbs recorded lower monthly mortgage repayments than rental payments for houses and almost 40% (37.7%) for apartments.1
Does that mean it’s cheaper to buy than rent?
While repaying a mortgage could be definitely cheaper in some suburbs, in other parts of the nation it simply isn’t the case - which makes it impossible to say that renting is definitely cheaper than buying, or vice versa. A better option is to contact your local broker and get expert advice to find out if buying is cheaper than renting for you.