Is Getting a Mortgage Cheaper than Renting?
Buying a house is a big first step, especially if you have been renting for a couple of years down the line. However, it can be confusing at first to know which option tends to be cheaper than the other.
In many parts of Australia, especially Sydney, the prices of houses have become more affordable as the years passed by. According to Your Mortgage house prices in places such as Logan can be $590 less than living in other places in Sydney.
When you rent, you are able to move from place to place easily, without having to spend a big part of your budget on the deposit. When you buy a house, you are acquiring an asset that will grow on value, that can later be sold at a higher price. Due to the highly competitive atmosphere with mortgage companies, lenders are offering mortgages with good interest rates to homebuyers.
Rent has proven to become expensive with increases in rent prices due to the high demand, especially in big cities like Sydney. Overall, getting a mortgage for a house is more valuable, and can be cheaper if you look in the right places.