North Harbour
Call 07 5433 1111

Rent or Buy: Making the Right Choice for Your Future

Speak to the team

Rent or Buy: Understanding the Pros and Cons

Renting a Home

Renting a home offers flexibility and lower upfront costs. As a renter, you can avoid the responsibilities of home maintenance and property taxes. However, rental prices can increase over time, and you won’t build equity in the property.

Buying a Home

Buying a home is a significant investment but offers long-term financial benefits. Homeownership allows you to build equity, benefit from property appreciation, and enjoy stability. Additionally, you may qualify for tax deductions on mortgage interest and property taxes.

Factors to Consider When Deciding to Rent or Buy

  • Financial Stability: Assess your financial situation, including savings, income, and credit score. Homeownership requires a stable financial foundation and a down payment.
  • Long-Term Plans: Consider your long-term plans and how long you intend to stay in one place. Buying a home is more suitable for those planning to stay put for several years.
  • Market Conditions: Evaluate the real estate market conditions in your desired area. Sometimes,      renting might be more cost-effective in a high-priced market.
  • Lifestyle Preferences: Reflect on your lifestyle preferences. Renting offers more flexibility, while buying provides stability and the freedom to personalise your home.

The North Harbour sales team makes buying your home easy.

Contact us on 07 5433 1111 or visit our Sales & Information Centre and the North Harbour Display Village which are both open seven days a week.

Contact our team

Homeownership Benefits

  • Investing in an asset
  • No dead money on rent
  • No landlord
  • No agents
  • No inspections
  • No rent increases
  • Freedom to plant what you want in your own garden
  • Freedom to interior decorate to your style
  • You decide what floor coverings, wall colour and finishes you want

Benefits of Buying a Home at North Harbour

At North Harbour, we offer a range of beautiful homes that cater to first-time buyers. Our community provides excellent amenities, a safe environment, and a variety of home designs to suit different needs.

All you need to know about the First Home Owners Grant

First home buyers in Queensland are eligible for a grant to help them build their first property (this must be brand new, not an established home). The First Home Owner’s Grant is a $15,000 one-off financial grant only available to those buying their first home in Queensland who meet all the eligibility criteria aimed at helping First Home Buyers get onto the property ladder.

Eligible recipients must be:

  •  at least 18 years old and an Australian Citizen or permanent resident
  • purchasing a brand-new property under $750,000
  • receiving the grant for the first time

For a full list of the terms and conditions and to find out if you are eligible, please visit the Queensland Government website here.

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme is a government-backed initiative to help Australians get into their first home sooner. Under this scheme, part of an eligible first home buyer’s home loan from a participating lender is guaranteed by the National Finance, Housing, and Investment Corporation. This enables first home buyers to purchase a home with a deposit of as little as 5 per cent (lender’s criteria apply). To find out more about the First Home Loan Deposit Scheme and see if you are eligible, click here.

To read more about how you can use the First Home Loan Deposit to buy your first home at North Harbour, click here.

Conclusion: Rent or Buy?

Deciding whether to rent or buy is a personal decision that depends on your financial situation, lifestyle preferences, and long-term goals. At North Harbour, we are committed to helping you navigate this important decision and find the best solution for your needs.

For more information on buying a home at North Harbour and to explore our home designs, visit our website.

Useful Terms you might want explained

The acronym LVR stands for Loan to Value Ratio and is also sometimes referred to as ‘LTV’. The LVR is the amount you are borrowing, represented as a percentage of the value of the property being used as security for the loan.

The acronym LMI stands for Lenders’ Mortgage Insurance and is a one-off insurance payment made by the borrower at the time of the loan settlement that protects the lender.

With a locked in rate your home loan interest rate will remain the same over the fixed rate term (usually 1 to 7 years). Fixed rate loans are generally a great option for first home buyers who are getting used to making home loan repayments or other borrowers who are on a strict budget and need repayment consistency.

An interest-only loan is a loan that temporarily allows your repayments to only cover interest on the amount borrowed, the principal, for a set period of time.

A principal and interest loan has repayments of the principal, which is the amount of money you have borrowed from the bank (minus your repayments) and the interest which is the money charged on top of the principal and is calculated based on the interest rate and size of the principal.

Call
Directions
Facebook
Instagram