Owning a home is more affordable than many aspiring homebuyers expected, with more than two in five recent homeowners now paying less on their mortgage than they did on rent.
Owning a home is more affordable than many aspiring home buyers expected, with more than two in five recent home owners paying less on their mortgage than they did on rent, a survey from Great Southern Bank has found.
For first home buyers still renting and looking to buy, 61 per cent expect to pay less on their mortgage each month compared to their current rent.This indicated that many would-be home owners overestimate the costs of holding a home loan, said Megan Keleher, Great Southern Bank’s chief customer officer.
“We know one of the key challenges for many young buyers is saving for a deposit, rather than the ongoing repayments.”Almost twice as many recent home owners living in regional areas reported that their housing costs decreased rather than increased . For first home buyers still renting and looking to buy, 61 per cent are expecting to pay less on their mortgage each month compared to their existing rent, while 30 per cent expect to pay more for a mortgage than rent.
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