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Mortgage repayments are now cheaper than rent in some Australian suburbs. Is yours among them? (www.theguardian.com)
submitted 3 weeks ago by to c/australia@aussie.zone
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In one in 10 suburbs and towns across the country, repayments are less than $200 a week higher than rent, for the typical property. In some suburbs, they are actually cheaper.

I hope someone here who is renting can find a place of their own.

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[–] 3 points 3 weeks ago (6 children)

That's not the full picture.

When a person owns a home they have other costs, not just possible mortgage payments. There are rates, insurance, and maintenance. All these together can add up to tens of thousands a year.

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  • [–] 6 points 2 weeks ago (3 children)

    I own an apartment and there's not that many costs. I think rates are like $800 a year and the body corp fees are about $900 a quarter

    Mortgage (currently) is only about $900 a fortnight. Works out similar to rent overall, except eventually I get to own it.

    Renting is a scam and there should be better protections in place. I only managed to buy my apartment because I lived in a vehicle for 4 years while working full time, and the government shared equity scheme owns 25% of it.

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  • [–] 1 point 2 weeks ago

    Im not in australia but yeah. assesment, mortgage, insurance. Its over a grand a month. Lower than rent for sure but you still have that and only after you pay off your mortgage which is often when you are retired. Moving to a new city for a job becomes that much more complicated. Gotta pay rent in the new place and mortgage plus the rest till you sell. If that happens during a crash then maybe you walk away but then that whole time your monthly cost was over renting and you never got that sweet after payoff deal. Further the renter can put the difference into savings or investments for 30 years.

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  • [–] [S] 1 point 2 weeks ago

    Sure, but getting your foot in the door with a mortgage s still a great incentive for many who'd rather sleep on an inflatable mattress on the floor of their own place than rent for ever, especially at the exorbitant rental costs in this country.

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