Which are the best places to rent a house?
When it comes to house rentals, there are many places to look for a great deal.
Whether you’re looking for a spacious home with plenty of space for your family or a modern apartment with spacious living space, there’s always one place that will fit your budget.
Here’s our top picks for rental properties in Australia.
Be sure to check out our guide to Australia’s rental markets and where to buy your first home.
Be careful with the mortgage You can be forgiven for not having much in the way of money saved for a down payment, and there’s a fair chance you won’t be able to afford to put down much.
But the good news is that if you don’t already have a mortgage, you can get a mortgage on the same house.
There’s no monthly fee, so you can make your mortgage payments over the course of many years.
In addition, you’ll get a low monthly rate that’s comparable to that of a fixed rate mortgage.
With the right mortgage, your repayments will be higher over the lifetime of your loan, and your house is guaranteed to be worth at least the same as the average price you’d pay for a similar property in Sydney.
The key to finding a mortgage that fits your needs is to check the mortgage rate and interest rate offered by the lender.
A rate can range from 2.50 per cent to 12 per cent, depending on your circumstances.
If you want to save some cash and can’t afford the interest, then you may consider a home loan.
Find out more about the best mortgage deals around Australia.
For more tips and advice, read our guide on how to get the best home loan in Australia!
Renting on Airbnb and other platforms can be cheaper, but you might have to pay more than you can pay on a mortgage.
Find the best deals for a holiday home You can’t really go wrong when you’re renting your house on Airbnb.
If there’s not much else available, there’ll be a good chance you’ll be able pay less than you would on a fixed mortgage.
The main thing to look out for when you rent is how much you’re paying per night.
For example, if you’re on a flat rate of $1,000 per night, then renting for the whole year would cost you $3,000, and $1 per night would cost $10.
You can save money by using an agent or by signing up for a contract with an agency that arranges rentals for you.
Read more about how to find a good Airbnb deal.
Get a loan through an agency The mortgage you get from an agency won’t necessarily match your income or your savings.
In the best case scenario, the bank may charge you a lower interest rate than what you’re getting on a home purchase loan.
You’ll have to negotiate with your lender, and the rates offered will depend on your creditworthiness and other factors.
If your income is high enough to allow for a lower rate, then an agent will probably be the best choice for you, as they’ll have a good record of successful sales and will be able tell you how much to expect to make.
Read our guide: Find the cheapest home loan for renting.
Check if you qualify If you’re eligible to rent, the next step is to look at the availability of the property and if it qualifies as a suitable place to live.
The Australian Capital Territory (ACT) and the Northern Territory (NT) have different rules regarding the types of properties that qualify for rental.
In some cases, there may be a maximum number of bedrooms you can have, while in other areas, there won’t even be any limits.
To see which properties qualify, check the properties you can rent in each state and territory, and which ones you can’t.
Read the different requirements for renting a property and the fees you’ll have.