As house prices rise, so does the amount of the deposit required in order to purchase a property. Many potential home buyers are concerned that they may have missed their opportunity to get onto the property ladder altogether, however this need not be the case. So which option is better? Purchase a home now, later or continue renting? Try our buy or rent calculator to see how the numbers stack up.
Disclaimer – current as at 8 October 2018
DISCLAIMER: This calculator is intended to provide a general indication of the long-term economic differences between continuing to rent, saving a 20% deposit and purchasing a home, or purchasing a home now with less than a 20% deposit if Lenders Mortgage Insurance (LMI) is used. Economic conditions may differ from the assumptions and your personal circumstances may turn out differently from the outputs of the calculator.
LMI protects the lender against a loss should the borrower default on their home loan and there is a shortfall following a sale of the security property. The cost of the LMI premium is typically passed on by the lender to the borrower. LMI should not be mistaken for Mortgage Protection Insurance, which covers a mortgage in the event of death, sickness, unemployment or disability. The output of the calculator is not an offer to any person to acquire LMI, credit or any other financial product nor an approval for LMI, credit or any other financial product.
The calculator and the results provided are generic and do not take into account your personal circumstances. The calculator is a guide only and is not intended to be relied upon for the purposes of making a decision in relation to credit or a financial product. The user should obtain professional legal, accounting, tax, investment or other financial specialist advice before making any financial decision.
Except to the extent taken into account in the amounts entered in the ‘Other upfront costs’ section, the calculator does not take into account any First Home Owners Grant or other concessions, grants or any establishment, maintenance, discharge or other fees which may be applicable. The calculator assumes that the cost of the LMI premium (if applicable) is passed on by the lender to the borrower.
No representation is made as to a borrower’s capacity to borrow funds or to service a loan.
© 2017 Genworth Financial Mortgage Insurance Pty Limited ABN 60 106 974 305.
Other scenario calculations
Total stamp duty payable | $ 0.00 |
Total LMI premium | $ 0.00 |
Base loan amount | $ 0.00 |
Capitalised loan amount | $ 0.00 |
Base LVR | 0.00% |
Capitalised LVR | 0.00% |
Monthly loan repayment | $ 0.00 |
Outside of Genworth’s LMI Underwriting Standards and Guidelines
Scenario is outside of Genworth's LMI Underwriting Standards and Guidelines. Please refer to your lender or broker for further assistance.
Outside of Genworth’s LMI Underwriting Standards and Guidelines
Scenario is outside of Genworth's LMI Underwriting Standards and Guidelines. Please refer to your lender or broker for further assistance.