Sometimes, when you’re a first home buyer, it’s cheaper to buy than rent.
In other words, if you were to buy a property in the suburb where you were currently living, the monthly mortgage repayments would be less than your current monthly rent.
NAB has identified a series of Melbourne markets where it’s generally cheaper to buy than rent:
* House markets = Melton, Melton South
* Unit markets = Abbotsford, Bundoora, Carlton, Docklands, Melbourne CBD, Southbank
NAB has also found some regional communities where buying is generally cheaper than renting, for both houses and units:
Right now, as the chart shows, the number of first home buyers signing up for home loans throughout Australia is at historically high levels.
Why? Because interest rates are at historically low levels.
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