A simple calculation has revealed the reality that many Australians can’t borrow as much as they are expected to pay in rent.
Aussies have always been told that everyone will be given a fair go if they put in the effort, but when it comes to the great Australian dream of owning a house, this just isn’t true anymore.
“After putting in mine and my partner’s income I was told I apparently can only afford $1800 a month in repayments, my rent is $3400 monthly,” he saidThe post kicked off a huge conversation about how so many Aussies are paying vast amounts in rent and therefore unable save up for a deposit, which is creating a vicious cycle.
One commentator declared it was “disgusting” before pointing out how the numbers didn’t reflect the reality. “Real estate agents don’t care what you can afford, and they’ll just say okay if you’re the best candidate,” Mr Finch said. Mr Finch said that there is a reason why people can’t borrow the amount that equals the same amount in repayments as they pay in rent.
However, he did say that isn’t a reason to give up the hope of getting away from renting and purchasing a home.Rent is very expensive in 2023. Picture: iStockMr Finch said, ultimately, while the calculators can be a helpful tool to give people a sense of what they can borrow, he would advise trusting it only partially.Data complied from the Australian Bureau of Statistics estimated the average renter had paid $106,550 per household over the period.
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