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nippy

14,828 Posts.

894

16/06/24

10:28

Post #: 74336394
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Originally posted by Grant64t: ↑

OK here we go (based on a short term 10 year period) that everyone can relate to.

Home loan of $700,000 at an interest rate of 7.94% .... Interest incurred would be $294,939

Rent of $600 per week over the same period of 10 Years ..... Rent paid would be $312,000

What makes the above interesting is that over the 10 Year period the $600 weekly rent is only going to get higher year on year. (Yes keep in mind continued moving costs & 6 monthly rent increases).

Whereas for the home purchaser it is likely that the capital gains over the 10 year period will considerably increase, while interest payments likely to decrease. (And yes keep in mind Insurance & rates).

As they say the best time to purchase your own home is YESTERDAY

.......

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A gross oversimplification and in error accordingly.

Keatings recession busting made many home owners lose their deposits and their homes.
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