Go Mortgages - Tony Ridley

Market Insight: What's happening with buyers and lenders this month🏡 - https://mailchi.mp/15fcac1c7a67/an-autumn-update-for-you-from-go-mortgages-643550

First home buyers, what side of the fence are you on when it comes to Rent vs Interest?❓❓❓
The concept of dead money can be overwhelming - and polarising! 💵 Whether you’re a renter or considering a mortgage, dead money is part of the equation. While rent is entirely dead money, when it comes to a mortgage, it's the interest component. 🏡

👉🏽 This is relevant to you right now, because the difference between what you pay in rent is getting much closer to the interest on a mortgage, for the same house. This is worth noting, whatever your current property status! 🏘

Many real estate companies produce regular breakdowns of average house prices, average weekly rent and gross yield. Check out the info for the suburb you’re interested in. https://bit.ly/2YAtjz2. You may be surprised at what you see and the similarity between rent and interest.🚪

For example:
🔑If you buy in Glenfield/Torbay with a 10% deposit on an $880K property costs $595 rent versus $655 interest p/w. With a 20% deposit, this becomes $413 interest p/w.

🔑If you buy a $790K property in Swanson/Titirangi with a 10% deposit it will cost $595 rent versus $588 interest p/w. A 20% deposit makes this $371 interest p/w.

Each person’s finances and circumstances differs, and there is no one size fits all piece of advice in this area. But, it’s helpful to start the conversation around the worth of buying a property, rather than shelling out on rent. 🔑 🔑

Keen to find out more? Message me today to sign up for my newsletter (in the tab above). I’d love to talk with you! - Tony ☎️ 💻 📞 🖥
www.gomortages.co.nz

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