When you rent, you can live where you want, and you don't need a huge deposit. You can move as often as you like, you don't have to pay for maintenance/repairs.
But what's the downside? You're paying off someone’s house for them. You're spending money on something that isn't yours.
You can also face stiff competition with others in the rental market and landlords are able to increase rent as they wish.
So then - why not buy?
When you buy a property, it's your asset which has the potential to grow in value and can put you in a good financial position for the future. Interest rates are at historical lows – so it means it’s a good time to borrow.
How can I buy a home when I don’t have a deposit?
Some lenders will let you use funds gifted from family. Parents can also help by using their house as security. You need to remember to include other costs such as stamp duty when considering buying
So what’s the answer?
How do you decide which option is right for you? Why not talk to your local Mortgage Choice broker today to discuss your financial goals.
Get the right home loan advice at no cost to you. Talk to your local Mortgage Choice broker today.